As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I find the recent developments in El Salvador quite intriguing. Having witnessed the evolution of cryptocurrencies from a niche concept to a global phenomenon, I can’t help but feel a sense of excitement when I see countries like El Salvador embracing Bitcoin as legal tender.
Crypto exchange Bitget is now authorized to offer Bitcoin-related services in El Salvador.
Based on the announcement made on December 16th, Bitget has been granted a Bitcoin Service Provider (BSP) license by El Salvador’s central bank. This authorization empowers Bitget to provide various Bitcoin (BTC) related services within the country, such as exchanging fiat currencies, offering payment solutions, and ensuring secure storage for users.
Pending the acquisition of a DASP license from El Salvador’s National Commission of Digital Assets, Bitget is looking forward to regulatory approval. Once granted, Bitget plans to extend its trading services to digital assets other than just Bitcoin.
“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. […] As the world’s interest in crypto accelerates, we see El Salvador as a gateway to unlocking crypto’s potential,” said Min Lin, chief business officer at Bitget.
Bitget operates as a Virtual Asset Service Provider (VASP) in Poland and Lithuania, and it has resumed operations in the United Kingdom following earlier restrictions to comply with local regulations. Based out of Seychelles, they boast over 45 million users globally, having recently set up a branch in Vietnam. As per CoinMarketCap, Bitget’s trading volume exceeded $6 billion within the last 24 hours.
El Salvador explores deal with the IMF
In alignment, Bitget’s licensing in El Salvador coincides with the country relaxing its Bitcoin regulations, as they are currently working on negotiations for a $1.3 billion loan from the International Monetary Fund (IMF). This potential agreement may necessitate changes to their local laws, transforming Bitcoin acceptance by businesses from mandatory to voluntary.
In September 2021, the nation became the pioneer to recognize Bitcoin as a legitimate currency. Since that time, it has been incrementally incorporating the digital currency into its holdings. Currently, with approximately 6189 Bitcoins, its investment is valued over $602 million.
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2024-12-16 23:04