Key Takeaways
- Bitget became the latest exchange to acquire a DASP license in El Salvador, allowing it to offer various crypto services.
- Earlier, Binance and Bitfinex had acquired the DASP license, making Bitget the third crypto exchange.
- The crypto business expansion comes amid a controversial IMF deal that calls for pausing its Bitcoin activities.
Bitget crypto exchange has become the latest crypto firm to acquire a Digital Asset Service provider license (DASP) in El Salvador.
This would mark the exchange’s second regulatory license in El Salvador after it acquired a Bitcoin Service Provider (BSP) in 2024.
Bitget Becomes Third Exchange To Acquire Two Crypto License
According to a press release shared with CCN, The National Digital Assets Commission of El Salvador (CNAD) granted a DASP license to Bitget, making it the third crypto exchange to hold both licenses in the country.
Binance and Bitfinex are the two other crypto exchanges to have received the DASP and BSP licenses earlier.
Hon Ng, Chief Legal Officer at Bitget, called their latest license approval a big boost:
“El Salvador has a forward-looking and transparent approach to digital asset regulation, making it attractive for Web3 companies focused on compliance. In the future, we will continue to support markets with clear regulatory systems and promote the robust development of the crypto economy.”
The two crypto-centered licenses would allow Bitget to provide various digital asset services in El Salvador.
The DASP license would allow Bitget to offer crypto-powered savings, investment products, and trading services such as spot and futures trading, staking, and other yield-based financial products.
El Salvador Expands Crypto Service Providers Amid IMF Woes
El Salvador, the first country to adopt Bitcoin as legal tender, is expanding its crypto infrastructure with new license distribution and inviting more global players to the government.
Bitfinex, one of the earliest crypto partners for El Salvador, was among the first to receive the DASP license as it was also its technology partner for the Volcanic bonds.
This comes amid a controversial International Monetary Fund (IMF) deal that requires it to roll back many of its Bitcoin laws, introduced in 2021, making it the first country to do so.
The IMF deal requires El Salvador to roll back its national Chivo wallet and remove restrictions on necessary merchants to accept Bitcoin payments by compulsion.
The latest demands iteration also called for cutting short of using national funds to buy Bitcoin.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
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