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The official platform Bitfinex Derivatives has announced that it has received a Digital Asset Service Provider (DASP) license in El Salvador. The Seychelles based parent company made this announcement as the platform continues to expand its presence across the Latin American region.Bitfinex Gains DASP License in El Salvador, Strengthening Latin America PresenceAs reported on X recently, Bitfinex Derivatives has become the latest to obtain a DASP license in El Salvador. With this license, the platform is able to offer its derivatives service through a new subsidiary called Bitfinex Derivatives El Salvador S.A. de C.V. The company statement adds that the users have to agree to the terms in order to continue using the service.The move to El Salvador aligns with Bitfinex’s strategy to strengthen its foothold in Latin America. The company noted its mission to deliver advanced trading solutions. This further reinforces Bukele’s government position as a key player in the crypto economy.
The trading platform stated,“To continue to use the Derivative Services on or after this date, you will be required to accept the Bitfinex Derivatives El Salvador S.A. de C.V. terms of service. “Enhanced Trading Solutions Through Bitfinex DerivativesWith the DASP license, Bitfinex will provide innovative derivatives trading services to its users. These services include options, perpetual futures, and other advanced trading instruments. Bitfinex has partnered with providers like Thalex to enhance its offerings and expand accessibility.
This licensing ensures compliance with local crypto regulations, providing users with a secure trading environment. The updated framework will attract more institutional and retail traders, boosting its presence in the Latin American region.El Salvador’s Role in the Global Crypto EconomyEl Salvador has solidified its role as a leader in the cryptocurrency space. The country pioneered Bitcoin adoption as legal tender in 2021 and continues to grant licenses to crypto platforms. Bitfinex was the first crypto exchange to secure DASP registration in El Salvador in 2021, followed by Bitfinex Securities obtaining a Digital Assets License.
Nayib Bukele’s government has been providing encouraging policies and making sound investments in the crypto industry. By the end of December 2024, the Bukele’s government had bought more than 6,000 BTC, which proves it’s focus on the cryptocurrency.Moreover, El Salvador plans to accelerate Bitcoin accumulation, adding to its current reserves valued at approximately $596 million. Despite retiring the Chivo wallet and IMF restrictions limiting Bitcoin use in public transactions, the government remains committed to advancing Bitcoin education and capital market development as part of its strategy.
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Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
