Bitget receives Bitcoin Service Provider license in El Salvador, expanding its services and regional growth in Latin America and Europe.
Bitget, a leading cryptocurrency exchange, has received major approval in El Salvador. The Central Reserve Bank granted the platform a Bitcoin Service Provider (BSP) license. This license enables Bitget to conduct activities like exchanging Bitcoin for fiat currencies and providing payment services and custody services.
According to the blog post, this step is in line with Bitget’s plans to go global and improve its regulatory compliance. The BSP license grants the company the ability to purchase, sell, custody, and transfer Bitcoin in El Salvador. Additionally, Bitget has applied for a Digital Asset Service Provider (DASP) license from the National Commission of Digital Assets. This will help Bitget to expand its service provision beyond bitcoin and into other digital assets.
Bitget Strengthens Presence in El Salvador with BSP License and Local Team
Bitget’s Chief Business Officer, Min Lin, also shared his excitement about the accomplishment. He pointed out that Latin America is gradually turning into the hub of crypto development and El Salvador in particular. Bitget has expressed its intention to develop regional growth by acquiring the BSP license to offer safe Bitcoin services. Lin also noted that El Salvador focuses on cryptocurrencies, which means that it is a gateway to the rest of Latin America.
Aside from Latin America, Europe has been the area of operation Bitget has embraced. It has been licensed in Poland and Lithuania as a Virtual Asset Service Provider (VASP). It has also recently returned to the UK market, where it will work with Archax to meet the FCA requirements.
In addition to this, to consolidate the company’s position in the region, it has been reported that in the near future, Bitget will have an official team in El Salvador. This team will provide better services and improve its relations with the users in the region. This move is part of Bitget’s strategy to understand and support the needs of the emerging region. As cryptocurrency adoption grows, the company aims to address these specific requirements.
Therefore, obtaining the BSP license in El Salvador can be considered the strategy for Bitget to become one of the leaders in the emerging digital asset environment. The company is targeting a market where cryptocurrencies are viewed as a solution for financial and cash remittances and reliability. As the first country to accept Bitcoin as legal tender, El Salvador offers an excellent opportunity for Bitget to expand its operations across the region.
