Bitfinex Derivatives, the official platform, has disclosed that they’ve been granted a Digital Asset Service Provider (DASP) license in El Salvador. Their Seychelles-based parent company made this announcement, as the platform is growing its influence throughout the Latin American region.
Bitfinex Gains DASP License in El Salvador, Strengthening Latin America Presence
According to reports on X, Bitfinex Derivatives is now one of the entities granted a DASP license in El Salvador. This license allows the platform to provide its derivative services through a newly established subsidiary called Bitfinex Derivatives El Salvador S.A. de C.V. The company’s announcement also indicates that users must agree to the terms to keep utilizing the service.
Moving to El Salvador supports Bitfinex’s plan to boost its presence in Latin America. The firm emphasized its goal of providing cutting-edge trading options. This action also underscores the Bukele administration as a significant figure in the cryptocurrency market.
The trading platform stated,
After this date, in order to keep utilizing the Derivative Services, you’ll need to agree to the terms and conditions provided by Bitfinex Derivatives El Salvador S.A. de C.V.
Enhanced Trading Solutions Through Bitfinex Derivatives
As a researcher delving into the realm of digital finance, I am excited about the prospect of utilizing the DASP license, which will empower Bitfinex to introduce groundbreaking derivatives trading solutions for its clientele. This suite of services encompasses options, perpetual futures, and other sophisticated trading tools, designed to cater to a diverse range of investor preferences. To further boost its offerings and increase accessibility, Bitfinex has formed strategic partnerships with entities such as Thalex.
By adhering to local cryptocurrency regulations through this license, we offer our users a safe platform for trading. The newly revised structure is expected to draw in both institutional and individual investors, thereby increasing our visibility in Latin America.
El Salvador’s Role in the Global Crypto Economy
In 2021, El Salvador made its mark as a trailblazer in the realm of cryptocurrencies by legalizing Bitcoin and subsequently granting licenses to crypto platforms. Notably, Bitfinex became the first crypto exchange to receive DASP registration in El Salvador that same year, with Bitfinex Securities later obtaining a Digital Assets License.
The administration led by Nayib Bukele has been introducing favorable policies and making wise financial commitments within the crypto sector. By December 2024, their portfolio included over 6,000 Bitcoins, demonstrating a clear commitment to and interest in cryptocurrencies.
Additionally, El Salvador intends to speed up its acquisition of Bitcoins, increasing its existing holdings estimated at around $596 million. Although they’ve retired the Chivo wallet and have been constrained by IMF regulations that limit Bitcoin usage in public transactions, the government continues to prioritize educating about Bitcoin and developing capital markets as part of their strategic approach.
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2025-01-08 03:49