El Salvador has issued Bitget a Bitcoin Service Provider (BSP) license, allowing the platform to offer Bitcoin-related services within the country.
The approval, issued by El Salvador’s Central Reserve Bank, will enable Bitget to provide various Bitcoin services. These include fiat-to-Bitcoin exchanges, payment services, and secure custody solutions. This move comes as a step for Bitget as it seeks to extend its presence in Latin America.
People increasingly see the region as a growing hub for crypto adoption. The exchange intends to obtain additional regulatory approval from El Salvador’s National Commission of Digital Assets. This will allow Bitget to expand its services beyond Bitcoin and include other digital assets.
Bitget’s success in obtaining the Bitcoin service license in El Salvador aligns with the country’s changing regulatory environment for crypto assets. In 2021, the Central American nation made history by adopting Bitcoin as legal tender, becoming the first country in the world to do so.
Bitget expands its presence in Latin America
Since then, El Salvador has taken steps to include Bitcoin in its economy. The country’s regulatory framework is continually evolving. This growth is expected to foster innovation in the digital asset space.
The exchange has already established a presence worldwide. Bitget holds licenses as a Virtual Asset Service Provider in Poland and Lithuania. It has also returned to the UK market after briefly restricting access earlier this year.
The exchange also operates in several other jurisdictions, with over 45 million registered users globally. Bitget’s trading volume reached over $6 billion in the last 24 hours, indicating its strong market presence.
In addition to its global reach, Bitget has recently strengthened its operations in Vietnam and continues exploring expansion opportunities. The exchange sees its entry into El Salvador as a strategic move to solidify its position in Latin America. It plans to establish a dedicated local team to improve service delivery.
Broader context: El Salvador’s evolving digital asset strategy
The installation of Bitget’s license occurs at the same time some of the policies relative to Bitcoin in El Salvador are in progress. The country has reached a preliminary agreement with the IMF for a credit facility of one point three billion US dollars.
In one of these talks, the country wants to tweak the Bitcoin law to make the use of Bitcoin by companies optional. However, it continues to support digital assets and forms new relationships with other countries, such as Argentina and over 25 others.
Related: Argentina joins El Salvador to revolutionize crypto
