Bitget sees El Salvador as a progressive market with significant potential to drive crypto innovation across Latin America.
Leading global cryptocurrency exchange Bitget has achieved a milestone as the first digital asset trading platform to secure a Bitcoin Service Provider (BSP) license from El Salvador’s Central Bank (Banco Central de Reserva).
In an announcement on Monday, the company confirmed that it is now authorized to offer Bitcoin-related services exclusively. These services include Bitcoin-to-fiat exchanges, facilitating Bitcoin payments, and providing secure custody solutions for crypto traders in compliance with local laws.
Through this license approval, El Salvador has solidified its dedication to Bitcoin BTC $105 916 24h volatility: 3.1% Market cap: $2.10 T Vol. 24h: $92.12 B , becoming the first country in the world to greenlight a BSP license. The government already made history in 2021 when it adopted Bitcoin (BTC) as a legal tender to be used alongside its fiat currency. With the new license, the country’s central bank has made it possible for users to securely purchase, sell, store, and transfer their BTC directly on Bitget.
However, the company plans to expand the scope of its services beyond Bitcoin. According to Monday’s announcement, Bitget has already applied to obtain a Digital Assets Service Provider (DASP) license to expand its service offerings. The license was submitted to El Salvador’s National Commission of Digital Assets.
Bitget sees El Salvador as a progressive market with significant potential to drive crypto innovation across Latin America. The company’s Chief Business Officer Min Lin said the exchange aims to help spur the industry’s growth in the region through its range of services.
“Latin America holds immense promise as a hub for crypto innovation, and El Salvador stands out as a pioneer with its bold embrace of Bitcoin as legal tender. Securing the BSP license is a regulatory milestone for Bitget. We’re here to fuel the region’s growth by providing secure, accessible, and innovative Bitcoin services,” he said.
As part of the company’s plan to support the growth of the crypto market in El Salvador, Bitget will put together a dedicated team in the region. The exchange believes its local presence will enhance service delivery and foster stronger relationships with users in the nation.
Bitget said that gaining a BSP license in El Salvador aligns with its expansion plans within Latin America, a region the company claimed is increasingly recognized for its crypto adoption and potential.
According to the announcement, countries in Latin America are turning to cryptocurrencies as solutions for financial inclusion, remittance services, and economic resilience amid unstable fiat currencies.
Meanwhile, in addition to its presence in the LATAM market, Bitget has expanded its operations across several European countries. The exchange has secured Virtual Asset Service Provider (VASP) licenses in Poland and Lithuania, enabling it to operate legally in these markets.
Furthermore, Bitget recently re-entered the UK market by forming a strategic partnership with Archax, to adhere to the Financial Conduct Authority’s (FCA) Financial Promotions Regime.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bitcoin News, Cryptocurrency News, News
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
