El Salvador grants Bitget license to offer Bitcoin services

El Salvador has authorised crypto exchange Bitget to provide Bitcoin-related (CRYPTO:BTC) services in the country.

On December 16, Bitget secured a Bitcoin Service Provider (BSP) license from the Central Reserve Bank of El Salvador.

This license will allow Bitget to offer a variety of services, including fiat currency exchanges, payment services, and secure custody solutions for users in the country.

The exchange is also seeking further approval from the National Commission of Digital Assets for a digital asset service provider license.

This additional license would enable Bitget to offer similar services for other digital assets beyond Bitcoin.

Min Lin, Bitget’s chief business officer, highlighted the importance of El Salvador in Latin America’s growing crypto ecosystem.

“Latin America holds immense promise as a hub for crypto innovation, and El Salvador stands out as a pioneer with its bold embrace of Bitcoin as legal tender. As the world’s interest in crypto accelerates, we see El Salvador as a gateway to unlocking crypto’s potential,” he stated.

Bitget, based in Seychelles, is already licensed as a virtual asset service provider in Poland and Lithuania.

The exchange also re-entered the UK market in November after complying with local regulations.

With over 45 million global users and a trading volume exceeding $6 billion in the past 24 hours, Bitget is positioning itself as a key player in the crypto industry.

The approval for Bitget comes as El Salvador is also negotiating a $1.3 billion loan with the International Monetary Fund (IMF), which could lead to amendments in the country’s Bitcoin law, making Bitcoin acceptance voluntary for businesses.

El Salvador continues to expand its digital asset strategy, recently signing agreements with Argentina and engaging with over 25 countries for similar initiatives.

At the time of reporting, the price of Bitcoin (BTC) was $106,725.