El Salvador is probably as close to crypto heaven as anywhere right now. The central American country broke the news a few years ago after it made Bitcoin legal tender within its borders, a move that has set El Salvador miles ahead of any other country in terms of crypto adoption. As many countries try to catch up to El Salvador’s level of crypto positivity, the country has announced another move to strengthen its crypto positivity. 

Crypto exchange Bitget is the latest beneficiary of El Salvador’s crypto generosity. The country has authorized the crypto exchange to offer its services in El Salvador. 

The announcement made on December 16 revealed that the Central Reserve Bank of El Salvador has granted Bitget a Bitcoin Service Provider (BSP). This license allows Bitget to offer a wide range of Bitcoin-related services, such as fiat currency exchanges, payment services, and secure custody solutions for El Salvador citizens and residents.

While the announcement has already been made, the approval is yet to be completed. Bitget is still awaiting further approval for a digital asset service provider license from El Salvador’s National Commission of Digital Assets.

Bitget’s Chief Business Min Lin, seemingly well pleased with his company getting the license, stated:

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.

El Salvador is no stranger to Bitcoin. The country is known for being the first to adopt Bitcoin as legal tender in September 2021. It has also been adding Bitcoin to its national reserves, with 6,189 BTC already amassed in its portfolio, a total worth over $602 million. 

Bitget is also not new to international deals. The crypto exchange is already licensed as a virtual asset provider in Poland and Lithuania. It just returned to the United Kingdom after it restricted access to comply with some local laws. 

This move is in line with El Salvador’s digital asset strategy to expand its international relations. The country has already signed a mutual collaboration and training agreement with Argentina on digital assets. The country is reportedly in discussions with over 25 other countries for similar partnerships to promote global crypto adoption and regulatory frameworks.

This licensing move comes as El Salvador has started to ease its Bitcoin law. The country has reportedly negotiated a $1.3 billion loan with the International Monetary Fund, a deal that would make Bitcoin acceptance by businesses non-compulsory under its laws.

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