Bitget Secures Bitcoin Service Provider License in El Salvador

Last updated:

Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

About Author

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

Last updated:

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas – from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships.

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.

You May Also Like