El Salvador Grants Bitget License to Offer Bitcoin Services

El Salvador has officially authorized Bitget, a global cryptocurrency exchange, to provide Bitcoin-related services in the country. The announcement, made on December 16, reveals that Bitget has obtained a Bitcoin Service Provider (BSP) license from the Central Reserve Bank of El Salvador, allowing the exchange to offer a variety of Bitcoin services.

With this license, Bitget can now provide fiat-to-crypto exchanges, payment services, and secure custody solutions for its users in El Salvador. However, the exchange is still awaiting additional regulatory approval for a broader digital asset service provider license from the National Commission of Digital Assets. Once approved, Bitget plans to expand its services to include other digital assets beyond Bitcoin.

Min Lin, Chief Business Officer at Bitget, emphasized the importance of Latin America as a growing hub for cryptocurrency innovation. He noted that El Salvador, as the first country to embrace Bitcoin as legal tender, represents a key opportunity for furthering the global adoption of crypto. "As the world’s interest in crypto accelerates, we see El Salvador as a gateway to unlocking crypto’s potential," Lin said.

Bitget, which is licensed as a virtual asset service provider in both Poland and Lithuania, has also returned to the United Kingdom after briefly restricting access earlier in 2024 to comply with local regulations. The exchange is headquartered in Seychelles and claims over 45 million users worldwide. In the past 24 hours, Bitget reported a trading volume exceeding $6 billion, with recent expansions, including a subsidiary in Vietnam.

El Salvador’s Evolving Bitcoin Strategy

Bitget's license in El Salvador comes at a time when the country is revisiting its Bitcoin laws. Reports suggest that El Salvador is negotiating a $1.3 billion loan with the International Monetary Fund (IMF), which would require amendments to the country’s Bitcoin law. Specifically, the government is considering making Bitcoin acceptance voluntary for businesses rather than mandatory.

El Salvador made history in September 2021 by becoming the first nation to adopt Bitcoin as legal tender. Since then, the country has gradually integrated Bitcoin into its national reserves, holding a portfolio of 6,189 Bitcoin, valued at over $602 million at current market prices.

As part of its broader digital asset strategy, El Salvador is actively expanding international collaborations. The country recently signed an agreement with Argentina to promote digital asset training and cooperation, and is in discussions with over 25 other countries to establish similar partnerships, aiming to foster global crypto adoption and shape regulatory frameworks.

With Bitget’s entry into the market and the ongoing evolution of El Salvador's digital asset policies, the country remains at the forefront of integrating cryptocurrency into its financial infrastructure.