Cryptocurrency exchange Bitget is now fully operational in the Bitcoin-friendly country of El Salvador to become a prominent player in the country.
Bitget obtained a Digital Asset Service Provider (DASP) licence from the El Salvador National Commission of Digital Assets (CNAB). This licence clearance follows a recent licence obtained by Bitget last year, acquiring a Bitcoin Services Provider licence.
Now holding both of these licences, Bitget will now be able to expand its digital asset and crypto services with El Salvador customers, such as sport and derivatives trading, staking and other yield-based financial services that are facilitated by the licences.
Customers will also be able to access Bitget’s crypto-powered savings and investment solutions, which are protected by El Salvador’s digital asset regulatory framework.
“Our focus at Bitget is to enter countries with a regulated framework for crypto and provide our best services as we expand on our global regulatory strategy,” said Hon Ng, Chief Legal Officer at Bitget.
“We are thrilled to be able to offer an array of products through this license, and we are honored by the trust of El Salvador’s National Commission of Digital Assets. El Salvador has been ahead of many with its progressive and transparent approach to Bitcoin and digital asset regulation, making it an attractive jurisdiction for good quality Web3 companies aiming to operate responsibly at scale.
“Bitget will continue to support jurisdictions that offer clear frameworks and support the development of a secure, efficient crypto economy.”
As Ng mentioned, El Salvador is arguably the leading country when it comes to crypto adoption and ensuring a legal framework to grow access to the digital currency. In 2021, El Salvador became the first country in the world to officially pass Bitcoin as legal tender.
These open policy and crypto-friendly regulations have seen many of the sector’s largest players enter the country to help grow their visibility and services to El Salvador customers.
El Salvador’s CNAD has become increasingly active in evaluating and approving service providers, signaling broader regulatory maturity in the region.
