Connect with us

Hi, what are you looking for?

Bitfinex
Bitfinex

Cryptocurrency

Bitfinex Derivatives relocates to El Salvador, bolstering its cryptocurrency hub ambitions

Bitfinex Derivatives relocated operations to El Salvador after obtaining a Digital Asset Service Providers (DASP) license. This decision demonstrates the country’s rise as a pro-crypto leader, creating an atmosphere that facilitates tokenization and attracts global crypto firms.

Bitfinex Derivatives, a part of the popular cryptocurrency exchange, has relocated to El Salvador. The approval of its Digital Asset Service Providers (DASP) license marks a significant milestone in Bitfinex Derivatives’ ambition to expand in Central America’s burgeoning crypto-friendly market.

The move from Seychelles to El Salvador underscores Bitfinex Derivatives’ trust in the country’s stringent cryptocurrency rules. Paolo Ardoino, Chief Technology Officer of Bitfinex Derivatives, welcomed El Salvador’s actions, particularly its efforts to develop itself as a worldwide financial hub.

Enacted in 2023, the Digital Assets Securities Law reflects El Salvador’s commitment to digital innovation. This platform streamlines the tokenization of assets such as debt, equity, and real estate, allowing firms to raise cash more effectively and attract investment.

Bitfinex Securities, another division of the company, has already used this legal framework. In 2023, it obtained a local DASP license and debuted tokenized sales that included US Treasury bills. While certain initiatives, such as the Hilton hotel tokenization project, have encountered difficulties, these efforts demonstrate growing interest in El Salvador’s progressive crypto laws.

The country’s proactive approach to cryptocurrency, paired with its adoption of Bitcoin as legal tender, continues to pique global interest. Bitfinex’s decision to relocate highlights El Salvador’s potential as a global cryptocurrency hub, paving the way for future innovation and expansion in the digital asset industry.

author avatar
Sagar Saini
A dedicated freelance blogger with a strong passion for finance and business, With a keen interest in the world of cryptocurrency.
Advertisement

You May Also Like

Cryptocurrency

This week’s Crypto Chronicle explores Ripple's potential SEC settlement, Canada’s leap ahead with Solana ETFs, growing controversy around MANTRA token, and Meta’s aggressive push...

Exclusive

A look into the meme coin that is ruling social media and Solana. In crypto, memes don’t just stay memes anymore. There is money...

Cryptocurrency

Cryptocurrency exchange Bitget faced an unexpected disruption on April 20 as trading on the futures contract VOXEL/USDT exploded. According to their statement, within 30...

Business

A Japanese company called Metaplanet bought 28M more Bitcoin to make its total bitcoin holdings 4,855 BTC. The company aims to acquire 21,000 BTC by...

polkadot
Polkadot (DOT) $ 4.26 6.64%
bitcoin
Bitcoin (BTC) $ 93,321.00 0.57%
ethereum
Ethereum (ETH) $ 1,759.70 0.66%
cardano
Cardano (ADA) $ 0.711224 4.13%
xrp
XRP (XRP) $ 2.18 0.05%
stellar
Stellar (XLM) $ 0.275307 5.39%
litecoin
Litecoin (LTC) $ 83.75 2.00%