Bitget has received a Bitcoin Service Provider (BSP) License in El Salvador, allowing it to offer various services to customers in the country. This is part of Bitget’s larger strategy to gain adoption in many new markets.
The country is also looking for new market opportunities, gently reducing its Bitcoinization target to receive a huge loan from the IMF. In this way, El Salvador and Bitget jointly aim for future growth.
Bitget Into El Salvador
According to NotificationThis BSP license will allow Bitget to provide Bitcoin to fiat currency exchange services, payment support and secure storage solutions in El Salvador. The company is also pursuing additional licenses to provide similar services with other digital assets.
“Latin America has great potential as a hub for cryptocurrency innovation, and El Salvador stands out for its bold adoption of Bitcoin as legal tender. Receiving the BSP license is a major regulatory milestone for Bitget. We are here to accelerate the region’s growth by providing secure, accessible and innovative Bitcoin services,” said Min Lin, Chief Business Officer of Bitget.
Meanwhile, Bitget is expanding into many new markets in South America and North America. Due to El Salvador’s crypto-friendly regulations, the country is an ideal gateway to the broader market in Latin America.
The exchange is also considering re-entering the US market and opening a regional MiCA compliance center in Europe. These expansion plans follow Bitget Token’s stellar performance in the cryptocurrency market throughout this year. The BGB token hit an all-time high earlier this month, bringing its total increase to over 500% this year.
For its part, El Salvador is also looking for new compliance solutions. Since the cryptocurrency market boom in November, the country has been able to buy back more debt thanks to significant investments in Bitcoin.
However, they are also looking for reconciliation. In October, the IMF took a softer tone, reducing its target for reversing Bitcoinization. Recently, El Salvador reportedly agreed to this proposal to secure the huge loan. Under the terms of the loan, the country agreed to abolish the requirement that private businesses accept Bitcoin.
However, thanks to Bitget, companies still using cryptocurrency in El Salvador will have new resources. In other words, this agreement benefits both sides’ long-term goals.