Crypto exchange Bitget has received authorization to provide Bitcoin-related services in El Salvador, further strengthening the country’s push toward mainstream Bitcoin adoption.
According to a December 16 announcement, Bitget secured the Bitcoin Service Provider (BSP) license from El Salvador’s Central Reserve Bank. This license allows the platform to deliver key services, including fiat-to-Bitcoin exchanges, payment solutions, and secure custody options for users.
Bitget Expands Its Role in El Salvador
Bitget is now pursuing additional approval from El Salvador’s National Commission of Digital Assets to obtain a Digital Asset Service Provider License. Once granted, this license will enable the exchange to support and trade cryptocurrencies beyond Bitcoin.
Bitget’s Chief Business Officer, Min Lin, highlighted the strategic importance of El Salvador in the crypto market:
“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.”
Bitget’s Global Growth
Bitget continues to expand its presence worldwide. The exchange is already licensed as a Virtual Asset Service Provider in Poland and Lithuania. It also recently re-entered the United Kingdom in November after adjusting its operations to comply with local regulations.
Headquartered in Seychelles, Bitget claims to have over 45 million users globally. The platform also recently established a subsidiary in Vietnam. According to CoinMarketCap, Bitget reported a 24-hour trading volume exceeding $6 billion.
El Salvador’s Bitcoin Strategy and IMF Discussions
Bitget’s license aligns with El Salvador’s ongoing efforts to adapt its Bitcoin law. Reports suggest the country is negotiating a $1.3 billion loan with the International Monetary Fund (IMF), which may require making Bitcoin acceptance voluntary for businesses rather than mandatory.
El Salvador made history in September 2021 as the first country to adopt Bitcoin as legal tender. The government has steadily added to its Bitcoin reserves, which now include 6,189 BTC valued at approximately $602 million.
The country is also advancing its digital asset strategy on a global scale. It recently signed a collaboration and training agreement with Argentina to enhance digital asset adoption. Additionally, El Salvador is in discussions with over 25 countries to form partnerships promoting cryptocurrency adoption and regulatory frameworks.
This licensing milestone for Bitget reinforces El Salvador’s position as a leading advocate for Bitcoin and highlights its ambitions to become a hub for global crypto innovation.
