Bitget Secures Bitcoin Service Provider License from El Salvador’s Central Bank
Bitget, a leading global cryptocurrency exchange, has become the first digital asset trading platform to obtain a Bitcoin Service Provider (BSP) license from El Salvador's Central Bank (Banco Central de Reserva).
In an announcement, Bitget confirmed its authorization to provide Bitcoin-related services, including Bitcoin-to-fiat exchanges, facilitating Bitcoin payments, and offering secure custody solutions in compliance with local regulations.
El Salvador's Commitment to Bitcoin
This license approval reinforces El Salvador’s commitment to Bitcoin, as it is the first country to issue a BSP license. The government adopted Bitcoin (BTC) as legal tender in 2021, allowing users to securely buy, sell, store, and transfer BTC directly on Bitget.
Bitget plans to extend its services beyond Bitcoin by applying for a Digital Assets Service Provider (DASP) license with El Salvador's National Commission of Digital Assets.
Bitget views El Salvador as a progressive market with significant potential for crypto innovation in Latin America. Chief Business Officer Min Lin stated that the exchange aims to promote industry growth in the region through its services.
“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. Securing the BSP license is a regulatory milestone for Bitget. We’re here to fuel the region’s growth by providing secure, accessible, and innovative Bitcoin services,” he said.
A Vision for Crypto Growth in Latin America
To support the growth of the crypto market in El Salvador, Bitget will establish a dedicated regional team, enhancing service delivery and fostering stronger relationships with local users.
Obtaining a BSP license aligns with Bitget's expansion strategy within Latin America, a region increasingly recognized for its crypto adoption and potential. Countries in this area are turning to cryptocurrencies for financial inclusion, remittance services, and economic resilience amid unstable fiat currencies.
In addition to its LATAM presence, Bitget has expanded operations across several European countries, securing Virtual Asset Service Provider (VASP) licenses in Poland and Lithuania for legal operation. The exchange also re-entered the UK market through a partnership with Archax to comply with the Financial Conduct Authority's (FCA) Financial Promotions Regime.