El Salvador Pushes Crypto
Forward,
Grants Bitfinex Derivatives
License
El Salvador Pushes Crypto Forward, Grants Bitfinex Derivatives License
by Christian Encila
5 minutes ago
in News
0
Bitfinex Derivatives has taken a big step forward by getting a Digital Asset
Service Provider (DASP) license in El Salvador . With this move, the platform
can now offer more derivatives trading services in Latin America. With this
license, Bitfinex plans to take advantage of El Salvador s support for
crypto to set up shop in the area.
Related Reading: $7.2 Billion In Crypto Token Unlocks Expected To Shake
Markets This January
A Regulatory Game Changer?
Bitfinex Derivatives is able to function inside El Salvador s regulated
framework, which was established by the Digital Assets Issuance Law, thanks to
the DASP license. This law, which was put into effect in early 2023, was
intended to draw in digital asset companies while maintaining legal clarity
and transparency.
For Bitfinex, this framework is a game-changer. Paolo Ardoino, Bitfinex’s CTO,
described the license as a key milestone• Объект организация » Организации по алфавиту » Организации на Mi » Milestone (компания) that enables the company• Объект организация » Организации по алфавиту » Организации на Mi » Milestone (компания) to roll out
innovative derivatives products to a broader audience.
ð¢ Bitfinex Derivatives has been awarded a Digital Asset Service Provider
licence in ð¸ð» El Salvador a monumental step in our global
expansion.
The new licence supports El Salvador as a key digital asset financial centre.
Discover more: https://t.co/vPGO01clhp pic.twitter.com/79hdbBHONX
— Bitfinex (@bitfinex) January 7, 2025
El Salvador s aggressive approach to cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта has established
the country as a hub for blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн startups. Since accepting Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin as legal
cash in 2021, the country has established itself as a global leader in digital
asset use. The addition of Bitfinex to the list of enterprises operating under
the Digital Assets Issuance Law strengthens El Salvador s status• Государство » Законы и право » Теория государства и права » Правовой статус as a
crypto-friendly destination.
Latin America s Cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта Boom
The timing of Bitfinex is ideal. Latin America has experienced an increase in
bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin utilization, driven by economic issues such as currency devaluation
and financial volatility. A significant number of individuals in the region,
especially the unbanked, are adopting digital assets to attain financial
inclusion and stability. Total crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта cap currently at $3.2 trillion.
Chart: TradingView
Bitfinex intends to capitalize on this growing demand by providing products
such as perpetual contracts and other derivatives tailored to a variety of
user demands.
This strategic expansion is consistent with Bitfinex s objective to
provide cutting-edge digital asset solutions globally. By establishing a
stronghold in El Salvador, the platform is well-positioned to serve the
rapidly growing Latin American cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта market.
Related Reading: Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Joins Top 10 Global Assets, Claiming The 7th
Spot—Report
What Does It Mean For The Industry?
The action of Bitfinex highlights the need of well defined rules in
encouraging creativity. Apart from providing operational certainty for the
crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта, the DASP license establishes a standard for other nations
contemplating such systems. As El Salvador inspires the usage of bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin, its
legislative environment might influence international norms for digital asset
businesses.
For Bitfinex, this is more than just a regional expansion; it is a declaration
of intent to lead in the ever-changing cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта sector. With El Salvador
as a launchpad, the company• Объект организация » Организации по алфавиту » Организации на Mi » Milestone (компания) is ready to create new opportunities and establish
benchmarks for the future of derivatives trading in the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта market.
Featured image from Pexels, chart from TradingView