Bitfinex Derivatives has announced its move to El Salvador after securing a Digital Asset Service Providers (DASP) license. This was described as a 'defining moment' by Chief Technology Officer Paolo Ardoino.
A Step Toward Becoming a Crypto Hub
El Salvador has been fast-tracking its status as a crypto haven. In 2023, it passed the Digital Assets Securities Law, paving the way for businesses to tokenize securities and creating new investments opportunities. Bitfinex Securities secured a DASP license in April 2023, launching innovative tokenized public offerings.
More About Bitfinex
In November 2024, Bitfinex issued tokenized U.S. Treasury bills under El Salvador’s crypto-friendly regulations. However, not every venture was successful: in July 2024, the company refunded investors after a fundraising campaign fell short of its target.
Key Takeaways
Yesterday, El Salvador increased its strategic Bitcoin reserve, underscoring long-term confidence in cryptocurrency and its role in the country’s financial future.
The relocation of Bitfinex Derivatives and increase in Bitcoin reserves reflect El Salvador’s ambition to bolster its influence in the digital financial world.