Renowned cryptocurrency exchange and Web3 platform, Bitget has secured a Digital Asset Service Provider (DASP) license from the El Salvador National Commission of Digital Assets (CNAD) to offer digital asset services. Bitget confirmed the development in a press release on Friday, stating that the license would further expand its regulatory framework across the country.
It is worth noting that this development came shortly after the exchange acquired a Bitcoin Service Provider (BSP) license in El Salvador in 2024. Over the last few years, El Salvador has evolved to establish itself as a global hub for cryptocurrency business. The region is also known for rolling out comprehensive legislation that supports the integration of Bitcoin and other digital assets into its financial ecosystem and accepts it as legal tender.
Bitget to offer spot and derivatives trading services with DASP license
The Bitcoin and Digital Asset Services Provider license also avails Bitget the opportunity to offer a wide range of digital asset services with El Salvador. With the DASP license, Bitget can also offer spot and derivatives trading, staking, and other yield-based financial products. The license also covers infrastructure that facilitates access to crypto-powered savings and investment solutions.
The chief legal officer at Bitget, Hon Ng while reacting to the development revealed that the goal of the exchange is to offer its crypto services in countries with the best regulatory frameworks. He also revealed the exchange’s delight to receive the trust of El Salvador’s National Commission of Digital Assets. Hon Ng added that the exchange will continue to support jurisdictions that offers clear and progressive crypto frameworks.
It is worth noting that the El Salvador regulatory environment has garnered attention from world-class crypto firms. Leading crypto entities have also relocated strategic operations to the region. Not left out, Bitget licensing strategy also aligns with this emerging trend which enables it to deliver services without disruption. In addition, the license also provides the exchange with the opportunity to expand its cross-border growth and offer compliant financial products to users worldwide.
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