Bitget secures full licensing in El Salvador for crypto services

Bitget has secured a key license in El Salvador, joining other crypto firms exploring the country’s growing appeal as a regulated hub for digital assets.

cryptocurrency exchange Bitget has received a digital asset service provider license from El Salvador ‘s National Commission of Digital Assets, following its earlier approval for a Bitcoin services provider license earlier in 2024, the company said in a Friday press release .

According to the exchange, the new license allows it to offer more services in the country, including spot and derivatives trading as well as staking and other yield-focused products.

Hon Ng, chief legal officer at Bitget, says the company’s move to grow in El Salvador is linked to the country’s continued push to stay “ahead of many with its progressive and transparent approach to Bitcoin ( BTC ) and digital asset regulation, making it an attractive jurisdiction for good quality web3 companies aiming to operate responsibly at scale.”

“Our focus at Bitget is to enter countries with a regulated framework for crypto and provide our best services as we expand on our global regulatory strategy.”

Hon Ng

Bitget said it plans to keep supporting jurisdictions that offer “clear frameworks and support the development of a secure, efficient crypto economy,” though it didn’t name specific countries.

Bitget is not alone in looking to El Salvador. Other web3 companies have also moved to set up operations there after the country committed to becoming a crypto-friendly hub. For instance, in early January, stablecoin issuer Tether said it would move its corporate entity and subsidiaries to El Salvador after securing a digital asset service provider license in the Central American nation.