El Salvador Licenses Bitget for Bitcoin Services

Crypto exchange Bitget is now authorized to offer Bitcoin-related services in El Salvador.

According to a December 16 announcement, BitGate received a Bitcoin Service Provider (BSP) license from the Central Reserve Bank of El Salvador. The license allows Bitget to offer a variety of Bitcoin (BTC)-related services, including fiat currency exchanges, payment services, and secure storage solutions for domestic users.

The exchange is awaiting additional regulatory approval from El Salvador's National Digital Assets Commission to obtain a digital asset service provider license. With this license, Bitgate can offer similar trading services for digital assets beyond Bitcoin.

“Latin America holds great promise as a hub for crypto innovation, and El Salvador is seen as a pioneer in boldly embracing Bitcoin as legal tender. […] As the world's interest in crypto accelerates, we see El Salvador as a gateway to unlock the potential of crypto,” said Min Lin, Chief Business Officer of Bitget.

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Bitgate is also licensed as a virtual asset service provider in Poland and Lithuania. In November, the exchange returned to the United Kingdom after refusing to comply with local laws earlier this year.

The Seychelles-based company says it has more than 45 million users worldwide, and recently set up a subsidiary in Vietnam. According to CoinMarketCap, Bitgate's trading volume has reached over $6 billion in the last 24 hours.

El Salvador will review its agreement with the IMF.

The approval of Bitgate in El Salvador coincides with the country relaxing its Bitcoin laws. El Salvador is reportedly negotiating a $1.3 billion loan with the International Monetary Fund (IMF).

The country was the first country to accept Bitcoin as legal tender in September 2021 and has been gradually adding the cryptocurrency to its reserves ever since. At 6,189 Bitcoin, the portfolio is currently worth over $602 million.

El Salvador's digital asset strategy also aims to expand its international connections. The country recently signed a joint cooperation and training agreement with Argentina on digital assets. It is in talks with more than 25 countries for similar partnerships to promote global crypto adoption and regulatory frameworks.

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