The exchange announced that it obtained a Bitcoin Service Provider (BSP) licence from the country’s Central Reserve Bank. This approval enables Bitget to provide services such as fiat-to-Bitcoin exchanges, payment solutions, and custody options for users in El Salvador.
The exchange is awaiting further approval for a digital asset service provider licence from El Salvador’s National Commission of Digital Assets. If granted, this additional licence will allow Bitget to offer trading services for other digital assets beyond Bitcoin.
In light of these new developments, officials from Bitget highlighted El Salvador’s role in the crypto sector, stating that Latin America presents significant opportunities for cryptocurrency innovation. They added that El Salvador’s early adoption of Bitcoin as legal tender positions the country as an important entry point for further crypto adoption.
Bitget also holds licences to operate as a virtual asset service provider in Poland and Lithuania. In November 2024, the exchange re-entered the United Kingdom after a temporary pause to align with local regulatory requirements. The Seychelles-based company reports having over 45 million users globally and has recently established operations in Vietnam.
Bitget’s approval comes as El Salvador continues to adjust its approach to Bitcoin regulation. According to Cointelegraph, the country is reportedly negotiating a USD 1.3 billion loan with the International Monetary Fund (IMF), which includes a proposal to make Bitcoin acceptance by businesses voluntary rather than mandatory.
El Salvador became the first nation to adopt Bitcoin as legal tender in September 2021 and has since expanded its Bitcoin reserves, now holding 6,189 BTC valued at approximately USD 602 million. Beyond building its crypto reserves, the country is pursuing international partnerships to advance digital asset adoption.
Recently, El Salvador signed a collaboration and training agreement on digital assets with Argentina. Discussions are also ongoing with over 25 countries to develop similar partnerships focused on global crypto regulation and adoption frameworks.
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