Key Points

• The update is part of Bitget’s strategy to enhance regulatory compliance and expand its global presence.
• Bitget recently announced continued European expansion, planning a regional hub in Lithuania.

Bitget recently announced that it secured an important Bitcoin license in El Salvador, which allows the platform to offer BTC services to customers.

Bitget Secures Bitcoin Service Provider (BSP) License

Bitget secured the new Bitcoin license from El Salvador’s Central Reserve Bank. The new license allows Bitget to offer crypto services including the following:

• BTC-to-fiat currency exchanges
• BTC payments
• BTC custody solutions

According to the official press release, the licensing update in El Salvador is a part of the platform’s efforts to expand its global presence.

Bitget plans to broaden its service offerings for other digital assets and that’s why it’s reportedly pursuing the Digital Assets Service Provider (DASP) license from the National Commission of Digital Assets to offer crypto services beyond BTC.

Bitget also made the announcement via their X account.

El Salvador, a Gateway to Unlock Crypto Potential

Min Lin, Chief Business Officer at Bitget, said that Latin America holds massive promise as a crypto innovation hub, and El Salvador stands out due to its pioneering Bitcoin embrace as a legal tender.

Lin also said that El Salvador is a gateway to unlocking crypto’s potential by:

• Enabling financial inclusion
• Driving transformative change in real-world use cases

Bitget also noted that they will establish a dedicated team in El Salvador to enhance crypto service deliveries and foster stronger relationships with users in the region.

With these strategic moves, Bitget gets closer to becoming one of the biggest CEXs that offer secure and compliance services around the world.

Global Crypto Expansion

The platform recently announced its European expansion and plans to create a crypto hub in Lithuania.

Bitget already has a VASP license in Poland as well, and the exchange re-entered the UK market by aligning with Archax, the UK FinProm approver, to comply with the Financial Conduct Authority’s Financial Promotions Regime.

These moves come amidst a bullish crypto market that marked important achievements from other exchanges including Binance.