Cryptocurrency Exchange Bitget Obtains El Salvador Bitcoin License (BSP)

Cryptocurrency exchange Bitget has secured a Bitcoin Service Provider (BSP) license from El Salvador's Central Reserve Bank, positioning itself for growth

Cryptocurrency exchange Bitget has obtained a Bitcoin Service Provider (BSP) license from El Salvador's Central Reserve Bank. This marks the exchange's latest regulatory approval in Latin America, following its recent pursuit of a Digital Assets Service Provider (DASP) license in Chile.

The regulatory approval from El Salvador's Central Reserve Bank will allow Bitget to offer a comprehensive suite of Bitcoin services in the country, including exchange operations, payment facilitation, and custody solutions. Notably, El Salvador became the first country in the world to adopt Bitcoin as legal tender in 2021.

Bitget is also pursuing a Digital Assets Service Provider (DASP) license to expand its cryptocurrency offerings beyond Bitcoin.

Min Lin, Chief Business Officer at Bitget

“Securing the BSP license is a regulatory milestone for Bitget,” said Min Lin, Chief Business Officer at Bitget. “We're here to fuel the region's growth by providing secure, accessible, and innovative Bitcoin services. As the world's interest in crypto accelerates, we see El Salvador as a gateway to unlocking crypto's potential, enabling financial inclusion, and driving transformative change in real world use-cases.”

The exchange will be setting up a dedicated team in El Salvador to bolster its regional presence and enhance service delivery. This expansion comes on the heels of Bitget's recent regulatory approvals in European markets, including VASP licenses in Poland and Lithuania, and its re-entry into the UK market through a partnership with Archax.

BGB Reaches New ATH

The news has also brought about a substantial increase in the value of Bitget's native token, BGB, which has surged over 120% in December alone. The token experienced an 11% rise on Monday, followed by an additional 4% increase after the license announcement, bringing it closer to a new all-time high (ATH) of $3.50.

BGB test news ATH. Source: TradingView

Of course, a significant factor in the recent動き is Bitcoin, which also tested its all-time high. During Monday's session, BTC briefly approached $108,000, reacting positively to statements from the Trump administration about including cryptocurrency in the country's strategic reserves.

While Bitcoin has gained 10% this December, BGB has surged by 120%, ranking among the 30 largest cryptocurrencies by market capitalization at $5 billion. Introduced in February 2022, BGB is a relatively new token. As the native utility token of the Bitget exchange, it offers users benefits such as fee discounts, access to additional features like copy trading, and more favorable staking terms.

El Salvador President's $633M Bitcoin Celebration

El Salvador may not be the largest or wealthiest country in the world, but it was the first to try supporting its strained budget by making BTC legal tender. Although no one seems to be more enthusiastic about the idea than its creator, President Nayib Bukele, the country's treasury has continued to invest in BTC.

El Salvador now has nearly 6,000 BTC, and Bukele recently took to social media to boast that their total value currently exceeds $633 million.

For comparison, just a year ago, the same portfolio was worth $200 million less.