Bitget crypto exchange has recently made headlines by securing regulatory approval from the central bank of El Salvador to provide crypto trading services in the country. This approval marks a significant milestone for Bitget, a popular international digital assets trading platform that was founded in 2018 with a vision to offer innovative digital assets trading features and user-friendly interfaces.
Bitget offers a wide range of crypto services, including copy trading, which allows users to replicate the trades of successful crypto traders on the platform. On December 16, 2024, Bitget announced the successful approval of a Bitcoin Service Provider (BSP) license in El Salvador. This license, approved by the central bank of El Salvador, enables Bitget to provide Bitcoin-Fiat conversion services, allowing for Bitcoin buy-sell and payment services for goods and services in the country.
In addition to the BSP license, Bitget is also in the process of applying for a Digital Asset Service Provider license from the National Commission of Digital Assets of El Salvador. This move will further expand Bitget’s crypto services in a country where Bitcoin is recognized as legal tender. To support its operations in El Salvador, Bitget is planning to establish a new local team, demonstrating its commitment to long-term growth and success in the region.
Following the news of the regulatory approval, the trade price of Bitget token ($BGB) surged by 9.7% within an hour, reflecting positive market sentiment towards the exchange. This development comes at a time when El Salvador has been actively embracing Bitcoin, with the country currently holding 6,188 BTC with an unrealized profit of $362.2 million.
In a recent announcement, El Salvador’s President Nayib Bukele revealed that the government had decided to transfer 3,048 BTC to a cold storage wallet and store it in a physical vault within the country’s national territory. Bukele referred to this as the country’s first “Bitcoin piggy bank,” highlighting El Salvador’s ongoing commitment to integrating cryptocurrencies into its financial ecosystem.
Overall, Bitget’s regulatory approval in El Salvador represents a significant step towards expanding its presence in the region and offering crypto trading services to users in the country. As the crypto market continues to evolve, Bitget remains at the forefront of innovation, providing users with access to a wide range of digital assets and trading features.