Cryptocurrency exchange Bitget has secured a Bitcoin Service Provider (BSP) license from El Salvador's Central Reserve Bank, positioning itself for growth in Latin America's burgeoning crypto market.
In response to this news, BGB, the platform’s native token, rose by 15% over the past 24 hours, more than doubling its value this month.
Bitget Obtains El Salvador Bitcoin License
The regulatory approval allows Bitget to offer comprehensive Bitcoin services, including exchange operations, payment facilitation, and custody solutions in El Salvador, the first country to adopt Bitcoin as a legal tender. The company is also pursuing a Digital Assets Service Provider (DASP) license to expand its cryptocurrency offerings beyond Bitcoin.
“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 plans to establish a dedicated team in El Salvador to strengthen its regional presence and enhance service delivery. This expansion follows Bitget's recent regulatory approvals in European markets, including VASP licenses inPoland and Lithuania, and its recent re-entry into the UK market through a partnership with Archax.
BGB Reaches New ATH
The news has catalyzed significant growth in Bitget's native token, BGB, which surged 120% in December alone. The token jumped 11% on Monday and added another 4% following the license announcement, approaching a new all-time high (ATH) of $3.50.
Of course, the recent move in Bitcoin, which also tested its all-time high, is a significant factor. During Monday’s session, BTC briefly climbed near $108,000, reacting positively to the Trump administration’s statements about making cryptocurrency part of the country’s strategic reserves.
While Bitcoin has gained 10% this December, BGB has surged by 120%, now ranking among the 30 largest cryptocurrencies by market capitalization at $5 billion. BGB, introduced in February 2022, is a relatively new token. As the native utility token of the Bitget exchange, it provides users with fee discounts, access to additional features such as 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 it seems that no one is more enthusiastic about the idea than its creator, President Nayib Bukele, the country’s treasury has continued to invest in BTC.
El Salvador now holds nearly 6,000 BTC, and Bukele recently boasted on social media that their total value currently exceeds $633 million.
???? pic.twitter.com/w9FrMmCkwi
— Nayib Bukele (@nayibbukele) December 16, 2024
For comparison, just a year ago, the same portfolio was worth $200 million less.
This article was written by Damian Chmiel at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments