Bitget, a well-known international digital assets trading platform, has recently received regulatory approval from the central bank of El Salvador to offer crypto trading services in the country. Founded in 2018, Bitget aims to provide innovative digital assets trading features and user-friendly interfaces for its users. The platform offers a range of crypto services, including copy trading, which allows users to replicate the trades of successful traders on the platform.
The approval of a Bitcoin Service Provider (BSP) license in El Salvador marks a significant milestone for Bitget. This license enables the exchange to provide Bitcoin-Fiat conversion services, allowing users to buy, sell, and make payments with Bitcoin in the country. Additionally, Bitget is in the process of applying for a Digital Asset Service Provider license from the National Commission of Digital Assets of El Salvador to further expand its crypto services in the region.
In response to the news, the price of Bitget’s token ($BGB) surged by 9.7% within an hour, reflecting the market’s positive reaction to the regulatory approval. The company’s leadership is now focused on establishing a local team in El Salvador, indicating a long-term commitment to serving the market.
El Salvador made headlines in September 2021 when it became the first country to adopt Bitcoin as a legal currency under President Nayib Bukele. The country currently holds 6,188 BTC, with an unrealized profit of $362.2 million. President Bukele recently announced the transfer of 3,048 BTC to a cold storage wallet, which will be stored in a physical vault within the country’s national territory, dubbing it the country’s first “Bitcoin piggy bank.”
Overall, Bitget’s regulatory approval in El Salvador signifies a significant step towards expanding its presence in the Latin American crypto market. With the country’s embrace of Bitcoin and the government’s proactive approach to digital assets, Bitget is well-positioned to capitalize on the growing interest in cryptocurrencies in the region.