El Salvador grants Bitget a Bitcoin license amid $362 million profit boom
El Salvadors Central Reserve Bank has officially granted Bitget a Bitcoin Service Provider (BSP) license, according to a Dec. 16 statement shared with CryptoSlate.
This move grants the exchange legal authorization to facilitate Bitcoin-related services in the country, including converting Bitcoin to fiat currencies, processing Bitcoin payments, and securely managing Bitcoin custody.
Meanwhile, the company is also pursuing a Digital Assets Service Provider (DASP) license from El Salvadors National Commission of Digital Assets. Securing this license would allow Bitget to broaden its offerings, adding services for other cryptocurrencies beyond Bitcoin.
The firm noted that El Salvadors pioneering stance on Bitcoin positions it as a strategic gateway for innovation in Latin America. To strengthen its presence in the region, Bitget plans to set up a local team in El Salvador.
The exchange added that it aims to enhance its support for users in Latin America, which is considered a high-potential market for crypto adoption. Min Lin, Chief Business Officer at Bitget, said:
As the worlds interest in crypto accelerates, we see El Salvador as a gateway to unlocking cryptos potential, enabling financial inclusion, and driving transformative change in real world use-cases.
Bitcoin profits
Bitget licensing comes as El Salvador celebrates the growing value of its Bitcoin reserves.
On Dec. 16, President Nayib Bukele revealed on social media platform X (formerly Twitter) that El Salvadors Bitcoin holdings have generated an unrealized profit of approximately $362 million.
According to his post, the country has invested around $270 million, and its total Bitcoin holdingscurrently at 6,188 BTCare now valued at over $632 million.
Despite these financial gains, El Salvadors Bitcoin-centric approach continues to draw scrutiny from global institutions.
Reports indicate that the country is negotiating a $1.3 billion loan with the International Monetary Fund (IMF). As part of these discussions, the IMF may propose adjusting El Salvadors Bitcoin law, which could reshape the regulatory landscape.
The post El Salvador grants Bitget a Bitcoin license amid $362 million profit boom appeared first on CryptoSlate.
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Text source: CryptoSlate
