El Salvador’s Central Reserve Bank has officially granted Bitget a Bitcoin Service Provider (BSP) license, as reported by CryptoSlate. This milestone allows Bitget to legally offer a range of Bitcoin-related services in the country, such as converting Bitcoin to fiat currencies, processing Bitcoin payments, and securely managing Bitcoin custody.
In addition to the BSP license, Bitget is also in the process of obtaining a Digital Assets Service Provider (DASP) license from El Salvador’s National Commission of Digital Assets. This license would enable Bitget to expand its services to include other cryptocurrencies besides Bitcoin.
Bitget views El Salvador as a strategic gateway for crypto innovation in Latin America and plans to establish a local team in the country to strengthen its presence in the region. The exchange aims to better serve users in Latin America, a market with significant potential for crypto adoption. Bitget’s Chief Business Officer, Min Lin, emphasized the importance of El Salvador in unlocking crypto’s potential for financial inclusion and driving real-world use cases.
Meanwhile, El Salvador’s investment in Bitcoin has proven to be profitable, with President Nayib Bukele announcing on social media that the country has made an unrealized profit of approximately $362 million from its Bitcoin holdings. El Salvador has invested around $270 million in Bitcoin and currently holds 6,188 BTC, valued at over $632 million.
Despite the financial gains, El Salvador’s Bitcoin-centric approach has faced criticism from global institutions. Reports suggest that the country is in talks with the International Monetary Fund (IMF) for a $1.3 billion loan, and the IMF may propose adjustments to El Salvador’s Bitcoin law as part of the negotiations, potentially reshaping the regulatory landscape.
This article showcases the latest developments in El Salvador’s crypto landscape, highlighting Bitget’s licensing achievements and the country’s profitable Bitcoin investment, while also addressing the challenges and scrutiny faced by El Salvador’s Bitcoin adoption.