News 
December 17, 2024 
3 min. 
Bitget has received an official Bitcoin Service Provider (BSP) license from El Salvador, marking a key step in the exchange’s growth in the Latin American market.
With this license, Bitget can offer a range of services, including secure Bitcoin custody, converting Bitcoin to fiat currencies, and processing payments. The announcement was made by El Salvador’s Central Reserve Bank on December 16, 2024.
El Salvador and Bitget’s Strategic Move
Bitget’s choice to get licensed in El Salvador aligns with the country’s forward-thinking approach to cryptocurrency. Since 2021, El Salvador has been a pioneer in crypto, becoming the first country to make Bitcoin legal tender.
Min Lin, Bitget’s Chief Business Officer, highlighted the importance of this move, saying, “We see El Salvador as a gateway to unlocking the potential of cryptocurrency.” Bitget is also working to secure a Digital Assets Service Provider (DASP) license to expand its services beyond Bitcoin, enabling the platform to support other cryptocurrencies.
The exchange plans to hire local staff in El Salvador to strengthen its presence in the region. This move aims to boost user support and improve services as the country increasingly embraces digital assets. Bitget sees great potential in Latin America as a growing hub for crypto innovation and adoption.
Celebrating Financial Success
As Bitget celebrates its new license, El Salvador is also seeing financial gains from its Bitcoin investments. President Nayib Bukele recently announced that the country’s Bitcoin holdings have earned about $362 million in unrealized profits.
These figures highlight the benefits of El Salvador’s bold crypto approach, with the country currently holding 6,188 BTC worth over $632 million, alongside an investment of around $270 million.
Despite these successes, global financial institutions continue to scrutinize the country’s crypto policies. El Salvador may soon receive a $1.3 billion loan from the IMF, and changes to its Bitcoin laws could impact the country’s crypto regulations and future plans.
Bitget’s entry into El Salvador could help expand the region’s digital asset ecosystem, as interest in cryptocurrencies and their potential uses continues to rise.
