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Bitget Secures Bitcoin Service Provider (BSP) License from El Salvador’s Central Bank
(MENAFN- Metamorphpr) Global, 16 December, 2024 – Bitget, the leading cryptocurrency exchange and Web3 company, has secured a Bitcoin Service Provider (BSP) license from El Salvador's Central Reserve Bank (Banco Central de Reserva). The authorization enables Bitget to offer services such as Bitcoin-to-fiat currency exchanges, Bitcoin payment facilitation, and secure Bitcoin custody solutions for its clientele.
The licensing update is a part of Bitget's broader strategy to enhance its regulatory standing and expand its global presence. In El Salvador, the BSP license permits Bitget to engage in Bitcoin-related activities, including buying, selling, storing, and transferring Bitcoin. To broaden its service offerings to encompass other digital assets, Bitget is actively pursuing the Digital Assets Service Provider (DASP) license from the National Commission of Digital Assets. This additional licensure would enable the platform to provide a more comprehensive range of cryptocurrency services 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. Securing the BSP license is a regulatory milestone for Bitget. We’re here to fuel the region’s growth by providing secure, accessible, and innovative Bitcoin services. As the world’s interest in crypto accelerates, we see El Salvador as a gateway to unlocking crypto’s potential, enabling financial inclusion, and driving transformative change in real world use-cases,” said Min Lin, Chief Business Officer at Bitget
Bitget has already obtained Virtual Asset Service Provider (VASP) licenses in both Poland and Lithuania, allowing it to operate legally within these European markets. Additionally, the exchange has re-entered the UK market by aligning with Archax, its UK FinProm approver, to comply with the Financial Conduct Authority's (FCA) Financial Promotions Regime.
To support its operations in the Latin American region, Bitget will be establishing a dedicated team in El Salvador. This local presence aims to enhance service delivery and foster stronger relationships with users in the region. Through these strategic moves, Bitget is inching closer to becoming one of the biggest CEXs offering secure and compliant services across multiple jurisdictions worldwide
Gaining a BSP license in El Salvador aligns with Bitget's expansion plans within Latin America, a region increasingly recognized for its crypto adoption and potential. Countries across LATAM are embracing crypto currently as solutions for financial inclusion, remittances, and economic resilience amidst fluctuating fiat currencies. El Salvador, the first nation to adopt Bitcoin as legal tender, serves as a gateway for Bitget to tap into this emerging financial market. By establishing a strong presence in the region, Bitget aims to contribute to the growing digital asset ecosystem, offering secure and compliant Bitcoin services built to serve the unique needs of Latin American users.
The licensing update is a part of Bitget's broader strategy to enhance its regulatory standing and expand its global presence. In El Salvador, the BSP license permits Bitget to engage in Bitcoin-related activities, including buying, selling, storing, and transferring Bitcoin. To broaden its service offerings to encompass other digital assets, Bitget is actively pursuing the Digital Assets Service Provider (DASP) license from the National Commission of Digital Assets. This additional licensure would enable the platform to provide a more comprehensive range of cryptocurrency services 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. Securing the BSP license is a regulatory milestone for Bitget. We’re here to fuel the region’s growth by providing secure, accessible, and innovative Bitcoin services. As the world’s interest in crypto accelerates, we see El Salvador as a gateway to unlocking crypto’s potential, enabling financial inclusion, and driving transformative change in real world use-cases,” said Min Lin, Chief Business Officer at Bitget
Bitget has already obtained Virtual Asset Service Provider (VASP) licenses in both Poland and Lithuania, allowing it to operate legally within these European markets. Additionally, the exchange has re-entered the UK market by aligning with Archax, its UK FinProm approver, to comply with the Financial Conduct Authority's (FCA) Financial Promotions Regime.
To support its operations in the Latin American region, Bitget will be establishing a dedicated team in El Salvador. This local presence aims to enhance service delivery and foster stronger relationships with users in the region. Through these strategic moves, Bitget is inching closer to becoming one of the biggest CEXs offering secure and compliant services across multiple jurisdictions worldwide
Gaining a BSP license in El Salvador aligns with Bitget's expansion plans within Latin America, a region increasingly recognized for its crypto adoption and potential. Countries across LATAM are embracing crypto currently as solutions for financial inclusion, remittances, and economic resilience amidst fluctuating fiat currencies. El Salvador, the first nation to adopt Bitcoin as legal tender, serves as a gateway for Bitget to tap into this emerging financial market. By establishing a strong presence in the region, Bitget aims to contribute to the growing digital asset ecosystem, offering secure and compliant Bitcoin services built to serve the unique needs of Latin American users.
Metamorphpr
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