Bitfinex Derivatives successfully obtained a DASP license in El Salvador, indicating a shift of its operations from Seychelles to the Central American nation.
License Acquisition Journey
Bitfinex Derivatives announced securing a DASP license, enabling operation in El Salvador. CTO Paolo Ardoino stated that this move highlights El Salvador's importance on the global financial stage.
El Salvador's Crypto Ambitions
El Salvador is rapidly advancing its digital asset laws, aiming to become a crypto hub. In January 2023, it passed a digital assets law, allowing Bitfinex Securities to secure a local DASP license in April, simplifying the tokenization, lending, and investing processes.
Tokenization Project in El Salvador
In 2024, Bitfinex Securities debuted a tokenized public offering of US Treasury bills. However, the Hilton hotel tokenization project fell short of its fundraising goal, only raising $342,000 instead of the targeted $6.25 million.
El Salvador continues its efforts to establish itself as a crypto hub, attracting companies like Bitfinex Derivatives to operate within the country and bolster the local economy.
