Bitget crypto exchange secures regulatory approval in El Salvador, Bitget token pumps sharply
Bitget crypto exchange secured regulatory approval from the central bank of El Salvador to provide crypto trading services in the country.
Bitget is a popular international digital assets trading platform. This crypto exchange was founded in 2018 with the main vision to provide innovative digital assets trading features and all kinds of user-friendly interfaces. It offers a variety of crypto services, including copy trading, which enables Bitget users to replicate the trades of top successful crypto traders on the platform.
On 16 Dec 2024, Bitget crypto exchange announced the successful approval of a Bitcoin Service Provider (BSP) license in Bitcoin bull country El Salvador. The BSP licence was approved by the central bank of this country.
The approval of this licence for this crypto exchange is a regulatory approval for Bitget to provide Bitcoin-Fiat conversion services. That means the exchange can provide Bitcoin buy-sell & also Bitcoin payment services for the goods services in the country.
Also, this crypto exchange is applying for a Digital Asset Service Provider license from the National Commission of Digital Assets of El Salvador so that the exchange can further expand its crypto services in the jurisdiction of this country where Bitcoin is a legal tender.
Currently, the Bitget leadership are planning to set up a new local team in this country, which means the company is focused on the long-term plan instead of short-term gain.
Following this news, the trade price of Bitget token ($BGB) surged 9.7% within an hour.
El Salvador & Bitcoin holdings
In Sep 2021, El Salvador adopted Bitcoin as a legal currency, under the presidency of Nayib Bukele. Because of better leadership, Nayib secured victory second time in the presidential election.
As per the latest data, El Salvador currently holds a total of 6,188 BTC with an unrealised profit of $362.2 million.
On 15 Dec, Bukele announced that the government decided to transfer 3,048 BTC to a cold storage wallet & store that cold wallet in a physical vault within the country’s national territory.
The El Salvador president said that people can call this small amount of Bitcoin storage as the first Bitcoin piggy bank in the country.
Read also: Bitcoin Hits New All-Time High of $106K+ as Michael Saylor Indirectly Confirms New BTC Purchase
