- Bitget is now in a position to expand its crypto service offering in El Salvador after obtaining the DASP license.
- DASP license allows firms to provide services such as staking, trading, and crypto savings, thus making Bitget viable.
- El Salvador has become a suitable location for global crypto firms due to the country’s friendly regulations.
Cryptocurrency trading platform Bitget has obtained the Digital Asset Service Provider (DASP) license in El Salvador. This comes after the company had received the Bitcoin Service Provider (BSP) license in 2024. The development extends Bitget’s operations in a nation that has pioneered the adoption of Bitcoin and digital assets as an integral part of the financial system.
The country has been at the forefront of a progressive approach towards the regulation of digital assets, which has attracted global firms to the blockchain industry. With the new DASP license, Bitget can provide multiple services related to digital assets within the country. The services include spot and derivatives trading, staking, yield production and investment, and decentralized savings products. Acquiring both the DASP and BSP licenses will enable Bitget to offer a more extensive and secure service to its global users.
Why El Salvador Is Attracting Crypto Firms
CNAD, the commission on El Salvador’s digital assets, has introduced a friendly environment for crypto companies. The legal system of the country is quite transparent, especially in its handling of regulatory frameworks concerning digital asset trading, providing Bitget and other related exchange platforms more legal certainty. As such, Bitget becomes the third exchange, along with Binance and Bitfinex, to obtain both the DASP and BSP licenses.
The country has made significant strides in the area of creating and embracing innovative cryptocurrencies, especially after the adoption of Bitcoin as legal tender in 2021. This proactive approach has led to the entry of several crypto entities in the country, among them Tether, which moved its corporate entity to El Salvador following the approval of the DASP license.
According to Bitget’s Chief Legal Officer, Hon Ng, the country’s progressive regulatory approach was key to its appeal for Web3 firms because of its clear framework. “We are still looking for jurisdictions where the regulations are clearly laid down for firms to operate safely,” he said.
What Does the DASP License Mean for Bitget and Local Users?
The DASP license enables Bitget to provide services such as crypto custody, wallet services, exchange, and trading in digital assets. Consequently, Bitget will have greater freedom to offer services that meet the desires of Salvadoran customers. This move also corresponds to the increasing crypto usage across Latin America and its particular focus on El Salvador.
Furthermore, it has also paved the way for the firm to introduce localized services that will help educate Salvadorans on the fundamentals, such as the risks and opportunities of digital assets. The exchange is set for the use of both retail and institutional traders where investors have a chance of making wiser decisions on the market inside a legal framework.
The penetration of Bitget’s regulatory license in El Salvador aligns with its approach toward obtaining licenses in priority regions. The exchange has also been keen to seek licenses in other locations, such as Hong Kong, Lithuania, and the UAE, to expand its global reach.
