Crypto exchange Bitget is now authorized to offer Bitcoin-related services in El Salvador.
According to a Dec. 16 announcement, Bitget secured a Bitcoin Service Provider (BSP) license from the Central Reserve Bank of El Salvador. The authorization will allow Bitget to offer a range of services tied to Bitcoin (BTC), including fiat currency exchanges, payment services and secure custody solutions for users in the country.
The exchange awaits further regulatory approval for a digital asset service provider license from El Salvador’s National Commission of Digital Assets. With this license, Bitget will be able to offer similar trading services for digital assets beyond 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.
Related: Bitfinex Securities debuts tokenized US T-bills under El Salvador laws
Bitget is also licensed as a virtual asset service provider in Poland and Lithuania. In November, the exchange returned to the United Kingdom after restricting access to comply with local laws earlier this year.
Based in Seychelles, the company claims to have over 45 million users worldwide, having recently established a subsidiary in Vietnam. According to CoinMarketCap, Bitget’s trading volume reached over $6 billion in the past 24 hours.
El Salvador explores deal with the IMF
Bitget’s license in El Salvador coincides with the country easing its Bitcoin law. El Salvador has been reportedly negotiating a $1.3 billion loan with the International Monetary Fund (IMF), which will require amending its local regulations to make Bitcoin acceptance by businesses voluntary instead of mandatory.
The country was the first country to adopt Bitcoin as a legal tender in September 2021 and, since then, has been gradually adding the cryptocurrency to its reserves. With 6,189 Bitcoin, its portfolio is currently worth over $602 million.
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