Bitget Receives Bitcoin Service Provider License in El Salvador
El Salvador’s Central Reserve Bank has officially granted Bitget a Bitcoin Service Provider (BSP) license, according to a recent statement shared with CryptoSlate.
Legal Authorization for Bitcoin-Related Services
- Bitget can now facilitate Bitcoin-related services in El Salvador
- Services include converting Bitcoin to fiat currencies, processing Bitcoin payments, and managing Bitcoin custody
Expansion Plans for Bitget
Bitget is also pursuing a Digital Assets Service Provider (DASP) license from El Salvador’s National Commission of Digital Assets to broaden its offerings beyond Bitcoin.
- Securing the DASP license would allow Bitget to provide services for other cryptocurrencies
- The company sees El Salvador as a strategic gateway for innovation in Latin America
Enhancing Support for Latin American Users
To strengthen its presence in the region, Bitget plans to establish a local team in El Salvador to better support users in Latin America, a high-potential market for crypto adoption.
Min Lin, Chief Business Officer at Bitget, stated, “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.”
Bitcoin Profits and Financial Gains
Bitget’s licensing coincides with El Salvador’s growing Bitcoin reserves and profits. President Nayib Bukele recently revealed that the country’s Bitcoin holdings have generated an unrealized profit of approximately $362 million.
- El Salvador has invested around $270 million in Bitcoin
- The country’s total Bitcoin holdings are currently valued at over $632 million
Despite these financial gains, El Salvador’s Bitcoin-centric approach is facing scrutiny from global institutions, including ongoing negotiations with the International Monetary Fund (IMF) for a $1.3 billion loan. The IMF may propose adjustments to El Salvador’s Bitcoin law, potentially reshaping the regulatory landscape.
