Tether to Establish Headquarters in El Salvador After Licensing Approval

Tether is establishing its headquarters in El Salvador after obtaining necessary stablecoin issuer licenses. This move involves relocating incorporated subsidiaries from the British Virgin Islands and creating a physical office. Tether NA El Salvador, S.A. de C.V. and Tether International El Salvador, S.A. de C.V. received regulatory approval for crypto activities last August.

Key points:

• Tether's relocation supports El Salvador's ambition to be a crypto hub.
• The company reported $7.7 billion in net profits for the first three quarters of 2024.
• Relocation allows Tether to benefit from El Salvador’s ICT Innovation Law, which offers a 15-year tax exemption for tech firms.
• El Salvador introduced bitcoin as legal tender in 2021 and holds over 6,000 BTC valued at approximately $550 million.
• Tether recently acquired a stake in video-sharing platform Rumble for $775 million and secured a cloud services deal with the Salvadoran government.