Binance continues to expand its services around the world, while complying with various national legislations. The world’s leading crypto exchange is now legally registered in El Salvador as a Bitcoin Service Provider (BSP) and Digital Asset Service Provider (DASP). The CZ platform now operates in 18 different countries.
Binance conquers El Salvador, the land of Bitcoin
As the number 1 crypto exchange, Binance is looking to strengthen its legitimacy around the world. To do so, the platform has turned to El Salvador, the first country to legalize Bitcoin.
That’s why, as of Tuesday, August 8, 2023, Binance is the first fully licensed crypto exchange in El Salvador.
In a press release published on its website, Binance reveals a little more about the nature and scope of the authorizations obtained. The exchange has obtained two separate licenses.
The first is the Bitcoin Service Provider (BSP) license granted by the Central Bank of El Salvador.
The second is the non-provisional Digital Asset Service Provider (DASP) license, issued by the Salvadoran National Commission for Digital Assets.
These licenses enable Binance to extend its products and services to Salvadorans. They also demonstrate the company’s desire to comply with the regulations in force in El Salvador.
Binance continues to work with regulatory agencies around the world to support global standards for the crypto and blockchain industry. This announcement comes after several months of dedication by our team to provide all the information and conduct the due diligence required by the agencies, demonstrating our commitment to the Salvadoran market and our users.Min Lin, Binance manager for Latin America.
Nayib Bukele’s efforts rewarded
Binance’s licensing is undoubtedly the crowning achievement of Nayib Bukele‘s efforts. After legalizing Bitcoin in 2021, El Salvador’s president has put in place measures to boost cryptocurrency adoption in his country. At Nayib Bukele‘s instigation, El Salvador’s Legislative Assembly passed the Digital Assets Act last January. This legal framework also enabled the country to launch bitcoin-backed bonds.
Four months later, another flagship measure aimed at attracting fintechs was taken by the Bukele administration. The “Innovation and Technology Manufacturing Incentives Act” came into force. Among other things, this law grants full tax exemption to technology companies.
Thanks to Nayib Bukele’s incentives, El Salvador began to attract investors. Binance’s arrival on the Salvadoran market should be followed by the arrival of other tech companies. All this will bring the country’s residents easy, secure access to crypto, jobs and innovation.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.