Bitfinex Derivatives, a subsidiary of the global cryptocurrency exchange Bitfinex, has secured a DASP license in El Salvador. This move will allow the company to strengthen its presence in the Latin American market.
Bitfinex Derivatives Moves to El Salvador
El Salvador's proactive stance on cryptocurrency has attracted investors. As the first country to accept Bitcoin as legal tender, it continues to support digital assets. With the DASP license, Bitfinex Derivatives can offer financial services in El Salvador. Paolo Ardoino, the company's CTO, highlighted the importance of this move in positioning El Salvador as a global financial hub.
El Salvador's Strategy as a Crypto Hub
El Salvador has introduced digital asset regulations to become a crypto hub. After passing the Digital Assets Securities Law in January 2023, Bitfinex Derivatives secured a local DASP license. This license simplifies fundraising and investing, enabling companies to issue tokens and attract investments.
Hilton Tokenization Project in El Salvador
Bitfinex took part in a Hilton hotel tokenization project in El Salvador, attempting to raise funds via the 'HILSV' token sale. However, the project failed to raise the necessary $500,000, resulting in refunds to investors.
The actions of Bitfinex Derivatives highlight El Salvador's ambition to strengthen its position in the crypto market. Obtaining the DASP license opens new opportunities for cryptocurrency companies in the region.
