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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Dec 16, 2024 12:49 UTC
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Bitget Secures El Salvador Bitcoin License, Eyes Latin America Crypto Expansion
Bitget secures Bitcoin Service Provider license in El Salvador.
Bitget is also pursuing a Digital Asset Service Provider license to offer services for other cryptocurrencies in El Salvador and the wider Latin American market.
El Salvador's Bitcoin adoption and focus on crypto innovation make it an attractive market for Bitget to expand its global presence.
Bitget, a prominent global cryptocurrency exchange, has received a Bitcoin Service Provider (BSP) license in El Salvador, positioning the platform to offer a range of Bitcoin services to its customers. But that’s not all—Bitget is also aiming for a Digital Asset Service Provider license to expand beyond Bitcoin and tap into Latin America’s growing digital asset market.
El Salvador Grants Key License for Bitcoin Services
The Central Reserve Bank of El Salvador has officially granted Bitget the BSP license. This allows the platform to provide essential services such as Bitcoin-to-fiat exchanges, BTC payment processing, and secure asset storage.
This milestone is part of Bitget’s strategy to grow its global presence, starting with a stronger foothold in El Salvador’s thriving crypto ecosystem.
Next Step: Expanding to Digital Assets
Bitget is also applying for a DASP license from El Salvador’s National Commission of Digital Assets. If approved, this will allow the exchange to expand its offerings beyond Bitcoin, enabling users to access and trade a wider range of digital assets.
Why El Salvador?
El Salvador has emerged as a beacon for cryptocurrency adoption, having made Bitcoin legal tender in 2021. Bitget recognizes the country’s potential as a hub for crypto innovation and is eager to tap into this opportunity.
According to Min Lin, Bitget’s Chief Business Officer, the platform sees El Salvador as a strategic gateway to unlock the true potential of cryptocurrency. With Latin America’s growing interest in digital assets, El Salvador stands out as a leader in financial inclusion and a driving force for real-world crypto use cases.
Furthermore, Bitget intends to establish a dedicated team in El Salvador to better serve the region and strengthen its local presence.
Bitget’s Eying Global Expansion
Bitget’s expansion in El Salvador is part of its larger global strategy. The exchange has also made significant progress in Europe, securing a Virtual Asset Service Provider (VASP) license in Poland and collaborating with UK-based Archax to meet local regulatory standards.
These efforts reflect Bitget’s ongoing commitment to offering secure and compliant crypto services across the world, reinforcing its position as a trusted leader in the industry.
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