As part of its commitment to cement a global presence and expand its offerings, Binance, on Tuesday, obtained a regulatory license to offer crypto services in El Salvador. According to its latest blog post, the new feat makes the firm the first crypto exchange to obtain a full license in the country.
Notably, the licensing comes in two parts. First, it was issued a Bitcoin Services Provider License (BSP) from the Central Reserve Bank (Banco Central de Reserve). Then, it also got the non-provisional Digital Assets Services Provider license (DASP) through the National Commission of Digital Assets (Comision Nacional de Activos Digitales). With these licenses, Binance can now provide custom-made products and services for the people of El Salvador in compliance with its existing regulations.
Meanwhile, Binance’s Head of Latin America, Min Lin said the feat shows that the exchange is on the right path. The exec appreciated the Central Reserve Bank and the National Commission of Digital Assets for their efforts towards fostering El Salvador’s crypto sector. According to Lin, the activities of these agencies have strengthened the usage of blockchain technology for security and innovation in the country. As the Binance head in the region, Lin affirmed the team’s commitment to complying with regulatory standards in the country.
Similarly, Binance General Manager for Colombia, Central America and Caribbean, Daniel Acosta also gave some insights about the new feat. Acosta said the license allows Binance to offer services in line with the needs of residents in El Salvador. Also, the exec believes Binance’s presence in the country will strengthen its collaboration with its government to foster crypto adoption.
Binance holds 18 licenses from well-known countries
Meanwhile, with this development, El Salvador has now joined the list of countries that have offered regulatory approvals to Binance. As of press time, the exchange has a total of 18 licenses obtained from well-known countries. They include France, Italy, Spain, Sweden, Dubai, and many more.
Barely a week ago, Binance, through its subsidiary launched a local crypto exchange in Japan. The local exchange, as revealed, is positioned to offer a wide range of crypto services for residents in the country. These include spot trading, earn products, NFT marketplace, and more. Later, residents in the country with accounts on the global Binance network will be migrated to the new exchange.