Bitget Secures Bitcoin Service Provider License in El Salvador

Bitcoin El Salvador Licence

Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

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December 16, 2024 07:55 EST

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Cryptocurrency exchange and Web3 company Bitget said it has obtained the Bitcoin Service Provider (BSP) license from El Salvador’s Central Reserve Bank.

The license from Banco Central de Reserva allows Bitget to provide a range of Bitcoin-related services, including Bitcoin-to-fiat currency exchanges, payment facilitation using Bitcoin, and secure custody for Bitcoin holdings.

The BSP license is a critical regulatory framework in El Salvador. It gives companies a chance to operate within the country. This approval positions Bitget as a key player in supporting the nation’s Bitcoin adoption strategy.

Bitget Aims to Secure DASP License in El Salvador

Beyond Bitcoin-focused offerings, Bitget said it is working to expand its service portfolio. The exchange is actively pursuing the Digital Assets Service Provider (DASP) license from the National Commission of Digital Assets in El Salvador.

This one will allow Bitget to handle a broader range of digital assets, including altcoins and tokenized assets.

El Salvador Positions Itself as a Global Hub for Crypto

El Salvador continues to position itself as a global hub for crypto. Following its historic decision in 2021 to adopt Bitcoin as legal tender, the nation has implemented regulations to support Bitcoin service providers, promoting transparency and security for businesses and users alike.

Bitget Eyes Lithuania for EU Regional Hub

Last week, Bitget revealed plans to establish a European Union regional hub in Lithuania. The decision is part of its strategic expansion across Europe and its proactive measures to align with the Markets in Crypto-Assets (MiCA) regulatory framework, which will be fully compliant by the end of December.

Bitget is not only expanding into Europe and Latin America. Earlier this year, a report indicated that Bitget is also prioritizing its expansion into India, actively engaging with regulators to ensure compliance with licensing requirements.