Cryptocurrency exchange Bitget has secured full licensing for crypto services in El Salvador, expanding its service offerings in the region.
New License and Its Opportunities
Bitget has obtained a digital asset service provider license from El Salvador's National Commission of Digital Assets. This license allows the company to offer a broader range of services, including spot and derivatives trading, as well as staking and other yield-focused products.
Response from Bitget's Management
Hon Ng, Bitget's chief legal officer, noted that the company's decision to expand in El Salvador is linked to the country's 'progressive and transparent approach to Bitcoin and digital asset regulation'. He believes this strategy makes El Salvador an attractive jurisdiction for responsible web3 companies.
Trends in El Salvador's Crypto Industry
Bitget is not alone in seeking to establish operations in El Salvador, following in the footsteps of other web3 companies. For instance, Tether also announced its move to the country after securing a digital asset service provider license. Furthermore, El Salvador’s National Library has launched a Bitcoin section aimed at educating the public, underscoring the role of digital assets in the country's financial system.
Bitget's expansion into El Salvador demonstrates the country's growing appeal as a crypto-friendly market, which may contribute to the further development of the digital economy in the region.
