Bitget received a Bitcoin Service Provider (BSP) License in El Salvador, allowing it to offer various services to clients in the country. This is part of Bitget’s broader strategy to win acceptance in several new markets.
The country also seeks new market opportunities, slightly reducing Bitcoinization goals to receive massive IMF loans. In this way, El Salvador and Bitget play into each other’s future growth targets.
Bitget Enters El Salvador
According to the announcement, this BSP License will allow Bitget to offer Bitcoin to fiat exchange, payment facilitation, and secure custody solutions in El Salvador. The company is also pursuing additional licenses to offer similar services with different cryptoassets.
“Latin America holds immense promise as a hub for crypto innovation, and El Salvador stands out as a pioneer with its bold adoption of Bitcoin as legal tender. Obtaining the BSP license is a regulatory milestone for Bitget. We are here to drive the region’s growth by providing secure, accessible, and innovative Bitcoin services,” said Min Lin, Bitget’s Chief Business Officer.
Meanwhile, Bitget is aiming to expand to several new markets across South and North America. Due to El Salvador’s crypto-friendly regulations, the country is an ideal gateway into the broader Latin American market.
The exchange is also considering re-entry to US markets and a regional MiCA compliance hub in Europe. These expansion plans follow Bitget Token’s exceptional performance in the crypto market throughout this year. The BGB token hit an all-time high earlier this month, taking its overall rally to more than 500% this year.
El Salvador, for its part, is also seeking out new compliance solutions. Since the generalized crypto bull market in November, the country has been able to buy back more of its debt because of its substantial Bitcoin investment.
However, it is also seeking conciliation. In October, the IMF adopted a lighter tone, reducing its goals to reverse Bitcoinization. Recently, El Salvador reportedly agreed to this proposal to secure a massive loan. As part of the loan’s terms, the country agreed to repeal the requirements for private businesses to accept Bitcoin.
Thanks to Bitget, however, remaining crypto-using firms in El Salvador will have new resources. In other words, the deal is beneficial for both parties’ long-term goals.
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