Cryptocurrency exchange Bitget has received permission to offer Bitcoin-related services in El Salvador.
The exchange announced that it has obtained a Bitcoin Service Provider (BSP) license from the country’s Central Reserve Bank. This approval allows Bitget to provide services such as fiat-to-Bitcoin exchanges, payment solutions and custody options to users in El Salvador.
The exchange is awaiting further approval for a digital asset service provider license from the National Digital Asset Commission of El Salvador. If granted, this additional license will allow Bitget to offer trading services for other digital assets beyond Bitcoin.
In light of these new developments, Bitget officials highlighted El Salvador’s role in the crypto sector, saying that Latin America presents significant opportunities for cryptocurrency innovation. They added that El Salvador’s early adoption of Bitcoin as legal tender positions the country as an important entry point for further crypto adoption.
Bitget also holds licenses to operate as a virtual asset service provider in Poland and Lithuania. In November 2024, the exchange returned to the UK after a temporary hiatus to align with local regulatory requirements. The Seychelles-based company says it has more than 45 million users worldwide and recently established operations in Vietnam.
El Salvador’s Scalable Bitcoin Strategy
Bitget’s approval comes as El Salvador continues to adjust its approach to Bitcoin regulation. According to Cointelegraph, the country is reportedly negotiating a $1.3 billion loan with the International Monetary Fund (IMF), which includes a proposal to make corporate acceptance of Bitcoin voluntary rather than mandatory.
El Salvador became the first country to adopt Bitcoin as legal tender in September 2021 and has since expanded its Bitcoin reserves, now holding 6,189 BTC worth approximately $602 million. Beyond building its cryptocurrency reserves, the country is pursuing international partnerships to advance the adoption of digital assets.
Recently, El Salvador signed a collaboration and training agreement on digital assets with Argentina. Discussions are also underway with over 25 countries to develop similar partnerships focused on global crypto regulation and adoption frameworks.
