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El Salvador’s Comisión Nacional de Activos Digitales (CNAD) has formally granted Freedx, a centralized cryptocurrency exchange intended to serve both novice and seasoned traders, a Digital Asset Service Provider (DASP) license.
As Freedx grows its business in one of the world’s most crypto-friendly nations, its approval represents a major turning point. El Salvador is a desirable location for companies involved in cryptocurrencies because of its embrace of the technology, especially since Bitcoin was made legal tender in 2021.
DASP To Help Freedx Cater To a Broader Audience
With regulatory oversight guaranteeing a safe and open platform for its customers, the DASP license will allow Freedx to provide a broad range of services, including the purchasing, selling, and trading of different digital assets.
The action further demonstrates Freedx’s dedication to offering an easy-to-use and accessible platform for both experienced traders and cryptocurrency newcomers.
New License To Help Freedx Expand Service
Freedx intends to use the regulatory clarity offered by the DASP license as part of its strategic expansion to draw in more customers in El Salvador and beyond.
With the license, Freedx is positioned as a major player in the region’s changing cryptocurrency scene and solidifies its position in the quickly expanding Latin American industry.
“We are truly impressed by the professionalism and preparation demonstrated by the Freedx team. Their readiness to launch a successful company is exactly what we are looking for in companies obtaining the DASP license.” – Juan Carlos Reyes / President of CNAD
Freedx Now A Part of Small Group That is Allowed to Provide Service in El Salvador
Freedx has joined a small group of businesses who have successfully secured the famous Digital Asset Service Provider (DASP) license in El Salvador.
The DASP license is notoriously hard to get, because of its strict compliance requirements. Freedx can function inside El Salvador’s legal environment with this license, providing users with increased security, transparency, and regulatory supervision.
Since their assets are being managed legally, users can trade and invest with confidence. Freedx is positioned for growth in El Salvador’s booming digital asset market because of the country’s pro-crypto laws and growing blockchain ecosystem, which also increase investment and innovation potential.
Jonathan Farnell, CEO at Freedx said, “This achievement speaks volumes about the hard work the Freedx team is doing to ensure we offer a compliant and transparent experience for our users.”
Also Read: El Salvador President Bukele Defies IMF, Vows To Continue Bitcoin Accumulation