The Central Reserve Bank of El Salvador has officially granted Bitget a Bitcoin Service Provider (BSP) license, according to a December 16 statement shared with CryptoSlate.
This move grants the exchange legal permission to facilitate Bitcoin-related services in the country, including converting Bitcoin into fiat currency, processing Bitcoin payments, and managing Bitcoin’s custody securely.
Meanwhile, the company is also pursuing a Digital Assets Service Provider (DASP) license from El Salvador’s National Commission for Digital Assets. Securing this license would allow Bitget to expand its offering and add services for other cryptocurrencies beyond Bitcoin.
The company noted that El Salvador’s pioneering stance on Bitcoin positions it as a strategic gateway for innovation in Latin America. To strengthen its presence in the region, Bitget plans to set up a local team in El Salvador.
The exchange added that it wants to increase its support to users in Latin America, which is considered a high-potential market for crypto adoption. Min Lin, Chief Business Officer at Bitget, said:
“As the world’s interest in crypto increases, we see El Salvador as a gateway to unlocking crypto’s potential, enabling financial inclusion and driving transformative changes in real-world use cases.”
Bitcoin Profits
Bitget licenses come as El Salvador celebrates the growing value of its Bitcoin reserves.
On December 16, President Nayib Bukele revealed on social media platform
According to his post, the country has invested around $270 million, and its total Bitcoin holdings – currently 6,188 BTC – are now valued at more than $632 million.
Despite these financial gains, El Salvador’s Bitcoin-centric approach continues to draw criticism from global institutions.
Reports indicate that the country is negotiating a $1.3 billion loan with the International Monetary Fund (IMF). As part of these discussions, the IMF may propose amending El Salvador’s Bitcoin law, which could reshape the regulatory landscape.
