30s Summary

Bitget, a crypto exchange platform, has received a Bitcoin Service Provider license from El Salvador’s central bank allowing it to offer Bitcoin services such as currency exchange, payments, and storage for users in the country. El Salvador’s decision comes as it considers relaxing its mandatory Bitcoin law due to possible $1.3 billion loan terms from the International Monetary Fund. Bitget is also awaiting approval for a Digital Assets Service Provider license in El Salvador to offer trading services for other digital assets. Currently, Bitget operates in Poland, Lithuania, the UK, and Vietnam.

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Bitget, a crypto exchange platform, has just gotten permission to offer Bitcoin services in El Salvador. On Dec 16, the central reserve bank of El Salvador gave it a Bitcoin Service Provider license. This means Bitget can offer Bitcoin services like currency exchange, payments, and safe storage for users in El Salvador.

They’re now waiting for the go-ahead to get a Digital Assets Service Provider license. This would let them offer trading services for other digital assets, not just Bitcoin.

Bitget’s Chief Business Officer, Min Lin, says that Latin America is a hotspot for cryptocurrency, and El Salvador is leading the pack by accepting Bitcoin as legal currency. He believes El Salvador could be a gateway to showcasing the potential of cryptocurrency.

Bitget already has licenses to provide virtual asset services in Poland and Lithuania. They’ve also recently returned to the UK after making changes to comply with local laws. Bitget is a Seychelles-based company with over 45 million users globally, and has recently expanded into Vietnam.

Interestingly, Bitget getting a license in El Salvador coincides with the country relaxing its Bitcoin law. El Salvador is reportedly in talks for a 1.3 billion dollar loan from the International Monetary Fund (IMF) and the terms of the loan may require changing the rules about Bitcoin acceptance by businesses. It may no longer be mandatory, but voluntary.

El Salvador was the first country to make Bitcoin legal tender in September 2021 and has been slowly adding Bitcoin to its reserves. It currently holds 6189 Bitcoin, which is worth over 602 million dollars.

El Salvador has also been working to extend its reach by making international partnerships. They’ve recently signed a mutual agreement with Argentina involving digital assets. They’re also talking to over 25 other countries about making similar deals to promote global adoption of cryptocurrency and regulatory frameworks.