Key Points
- Bitget is the first cryptocurrency exchange to secure a Bitcoin Service Provider (BSP) license from El Salvador’s Central Bank.
- The company aims to expand its services beyond Bitcoin and sees El Salvador as a potential market for crypto innovation.
The global cryptocurrency exchange, Bitget, has achieved a significant milestone. It has become the first digital asset trading platform to secure a Bitcoin Service Provider (BSP) license from El Salvador’s Central Bank (Banco Central de Reserva).
The company confirmed in an announcement 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.
El Salvador’s Commitment to Bitcoin
El Salvador has strengthened its dedication to Bitcoin by approving this license. It’s 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. The new license allows users to securely purchase, sell, store, and transfer their BTC directly on Bitget.
Bitget plans to extend its services beyond Bitcoin. According to the announcement, the company has applied to obtain a Digital Assets Service Provider (DASP) license to expand its service offerings. The application was submitted to El Salvador’s National Commission of Digital Assets.
Bitget views El Salvador as a progressive market with significant potential to propel crypto innovation across Latin America. The company’s Chief Business Officer Min Lin stated that the exchange aims to help spur the industry’s growth in the region through its range of services.
Expanding Crypto Growth in Latin America
As part of its plan to support the growth of the crypto market in El Salvador, Bitget will establish a dedicated team in the region. The exchange believes that its local presence will enhance service delivery and foster stronger relationships with users in the nation.
Securing a BSP license in El Salvador aligns with Bitget’s expansion plans within Latin America. The company sees the region as increasingly recognized for its crypto adoption and potential.
Countries in Latin America are turning to cryptocurrencies as solutions for financial inclusion, remittance services, and economic resilience amid unstable fiat currencies. 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, allowing it to operate legally in these markets. 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.
