Binance Acknowledged in El Salvador

Binance Acknowledged in El Salvador

Time Stamp: August 8, 2023 11:55 AM
Source Node: 2810516

Binance has obtained two licenses in El Salvador from the
country’s central bank and the commission in charge of digital assets. The licensing brings the total number of countries acknowledging the cryptocurrency
exchange to 18, Binance said in a statement today (Tuesday).

The Central Bank of El
Salvador awarded Binance a Bitcoin Services Provider (BSP) license, while the
Salvadorian National Commission for Digital Assets issued the exchange a
non-provisional Digital Services Provider (DASP) license, the company said.

Commenting about the approvals,
Daniel Acosta, Binance’s General Manager for Columbia, Central America, and the
Caribbean, said: “These licenses allow Binance to expand the products and
services offered including options tailored to the needs of our customers in El
Salvador. It is also a great opportunity to collaborate closely with
governmental authorities to support the adoption of crypto assets in the
country, foster financial inclusion, innovation and ensure customer protection.”

In April, El Salvador granted
Bitfinex the country’s
first license for digital asset services, the company announced. The license
was issued to Bitfinex Securities and allowed it to offer tokenized
securities in the Central American nation. During the announcement, Bitfinex said the license would enable it to raise capital through
tokenized securities.

El Salvador’s Crypto
Adoption

El Salvador became the
first country to make Bitcoin a legal tender in 2021. The digital asset was
promoted by the country’s President Nayib Bukele as a solution to making
banking easy for the Salvadorans. Although the step attracted criticism from
the IMF because of the volatility of Bitcoin, El Salvador unveiled plans to
establish laws governing digital assets.

In January, Reuters
reported that El Salvador had passed a bill for the regulations of the issuance
of other digital currencies besides Bitcoin. Dubbed the Digital Asset
Securities Law (DASL), the legislation reportedly aims to attract foreign
investors and create financial opportunities in the country.

Besides that, the new
law governs the issuance of Bitcoin-backed bonds, also known as ‘Volcano Bonds’.
The bonds were announced by the Salvadorian government in 2021 and allow for
the construction
of a Bitcoin city in
the country.

Binance has obtained two licenses in El Salvador from the
country’s central bank and the commission in charge of digital assets. The licensing brings the total number of countries acknowledging the cryptocurrency
exchange to 18, Binance said in a statement today (Tuesday).

The Central Bank of El
Salvador awarded Binance a Bitcoin Services Provider (BSP) license, while the
Salvadorian National Commission for Digital Assets issued the exchange a
non-provisional Digital Services Provider (DASP) license, the company said.

Commenting about the approvals,
Daniel Acosta, Binance’s General Manager for Columbia, Central America, and the
Caribbean, said: “These licenses allow Binance to expand the products and
services offered including options tailored to the needs of our customers in El
Salvador. It is also a great opportunity to collaborate closely with
governmental authorities to support the adoption of crypto assets in the
country, foster financial inclusion, innovation and ensure customer protection.”

In April, El Salvador granted
Bitfinex the country’s
first license for digital asset services, the company announced. The license
was issued to Bitfinex Securities and allowed it to offer tokenized
securities in the Central American nation. During the announcement, Bitfinex said the license would enable it to raise capital through
tokenized securities.

El Salvador’s Crypto
Adoption

El Salvador became the
first country to make Bitcoin a legal tender in 2021. The digital asset was
promoted by the country’s President Nayib Bukele as a solution to making
banking easy for the Salvadorans. Although the step attracted criticism from
the IMF because of the volatility of Bitcoin, El Salvador unveiled plans to
establish laws governing digital assets.

In January, Reuters
reported that El Salvador had passed a bill for the regulations of the issuance
of other digital currencies besides Bitcoin. Dubbed the Digital Asset
Securities Law (DASL), the legislation reportedly aims to attract foreign
investors and create financial opportunities in the country.

Besides that, the new
law governs the issuance of Bitcoin-backed bonds, also known as ‘Volcano Bonds’.
The bonds were announced by the Salvadorian government in 2021 and allow for
the construction
of a Bitcoin city in
the country.

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