Bitget Secures Bitcoin License in El Salvador

Bitget, a global cryptocurrency exchange, has secured a Bitcoin Service Provider (BSP) license from El Salvador’s Central Reserve Bank, enabling it to offer various Bitcoin-related services such as fiat exchanges and custody solutions. The exchange is also pursuing a Digital Assets Service Provider (DASP) license, which would allow it to expand its services to other cryptocurrencies, enhancing its appeal in the growing Latin American market. El Salvador, the first country to adopt Bitcoin as legal tender, is seen as a strategic entry point for crypto innovation in the region, with Bitget planning to establish a local team to support its operations. Min Lin, Bitget's Chief Business Officer, emphasized the potential of Latin America for crypto adoption, positioning El Salvador as a pivotal hub. This licensing milestone coincides with reports of El Salvador’s significant unrealized profits from its Bitcoin holdings, as the country negotiates a $1.3 billion loan with the IMF that may influence its Bitcoin regulations. Overall, Bitget's expansion reflects the increasing global interest in cryptocurrency and the unique role of El Salvador in this landscape.