 license from El Salvador's Central Reserve Bank.){kind=link}
Bitget, a leading cryptocurrency exchange and Web3 company, has achieved a significant milestone by securing a Bitcoin Service Provider (BSP) license from El Salvador’s Central Reserve Bank (Banco Central de Reserva).
This license grants Bitget the authority to offer a variety of services, including Bitcoin-to-fiat currency exchanges, Bitcoin payment facilitation, and secure Bitcoin custody solutions, marking a key step in the company’s strategy to expand its regulatory standing and grow its global presence, Bitget said in a blog post.
What will the BSP License Bring for Bitget?
The BSP license allows Bitget to engage in various Bitcoin-related activities in El Salvador, including buying, selling, storing, and transferring Bitcoin. This regulatory approval comes as part of Bitget’s broader plan to expand its operations and strengthen its position in Latin America, a region that has increasingly embraced cryptocurrency.
Latin America is seen as a hub for crypto innovation, and El Salvador’s pioneering decision to make Bitcoin legal tender has positioned the country at the forefront of this transformation.
Other Plans for El Salvador
In addition to its efforts in securing the BSP license, Bitget is pursuing a Digital Assets Service Provider (DASP) license from El Salvador’s National Commission of Digital Assets.
This would enable the platform to extend its services to a broader range of digital assets beyond Bitcoin, further strengthening its role in the Latin American market.
Also Read: Bitget Wallet & Foresight Ventures Launch $20M Fund To Boost Telegram Mini Apps
“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,” said Min Lin, Chief Business Officer at Bitget. “Securing the BSP license is a regulatory milestone for Bitget.
“We’re here to fuel the region’s growth by providing secure, accessible, and innovative Bitcoin services. As the world’s interest in crypto accelerates, we see El Salvador as a gateway to unlocking crypto’s potential, enabling financial inclusion, and driving transformative change in real-world use cases.”
Growing Global Plans for Bitget
Bitget has already expanded its footprint in Europe, obtaining Virtual Asset Service Provider (VASP) licenses in both Poland and Lithuania. These licenses allow Bitget to operate legally within the European market.
Additionally, the exchange has made a successful re-entry into the UK market by aligning with Archax, its UK FinProm approver, ensuring compliance with the Financial Conduct Authority’s (FCA) Financial Promotions Regime.
By establishing a dedicated team in El Salvador, Bitget aims to improve its service delivery and strengthen relationships with users in the region, contributing to the growth of the digital asset ecosystem.
In addition to these moves, Bitget is also setting its sights on Lithuania, planning to establish a regional hub as part of its broader expansion strategy in the European Union. This aligns with the EU’s new MiCA regulations, which aim to harmonize the regulation of crypto assets across the region.
Furthermore, Bitget recently launched LaunchX, an innovative token distribution platform designed to support the Web3 ecosystem and simplify token issuance in the blockchain sector.
Bitget is positioning itself as a leader in the cryptocurrency exchange and Web3 space with its expanding regulatory approvals and regional hubs. Bitget is set to play a crucial role in the global crypto market with steps like these.
Also Read: Bitget Announces Return To UK Market After Meeting FCA Requirements