Bitfinex has received crypto-friendly El Salvador's first digital asset service provider license through its arm in the country, Bitfinex Securities El Salvador.
The
new license will allow Bitfinex to offer its secondary trading service
for digital assets within the country in a regulated manner.
- The
move came shortly after the Legislative Assembly of El Salvador passed a
law outlining the new regulatory framework regarding digital assets.
- The new legislation regulates digital securities
and establishes a foundation for the country to issue Bitcoin-backed
bonds while clarifying the rights and obligations of digital asset
service providers.
- Bitfinex's chief technology officer, Paolo Ardoino, said they are pleased to be the first company granted this license.
- Ardoino is one of the industry experts who worked closely with El Salvador on the nation's Bitcoin-backed bond project, also known as Volcano Bonds.
- In September 2021, El Salvador became the first country to accept Bitcoin (BTC) as a legal tender.
- The central American country's president, Nayib Bukele, is most famous for its Bitcoin-friendly approach.
