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Bitfinex Securities El Salvador obtains license as a Digital Asset Service provider in El Salvador.
Digital asset exchange Bitfinex Securities El Salvador has obtained a digital asset service provider license in accordance with El Salvador’s recently enacted Digital Assets Issuance Law, which was approved by the National Congress in January to promote enhanced financial innovation and development in the Central American nation.
As per the announcement, the license, awarded on April 11 by El Salvador’s National Digital Asset Commission, positions Bitfinex Securities El Salvador as “the world’s first international digital asset platform to receive approval to be licensed as a Digital Asset Service Provider” in El Salvador.
We are now the world’s first international digital asset platform to receive approval for a Digital Asset Service Provider license under El Salvador’s new Digital Assets Issuance Law! A milestone for financial freedom in Latin America.@bitfinex https://t.co/88Mmmi5s6M
— Bitfinex Securities (@BFXSecurities) April 11, 2023
Paolo Ardoino, the chief technology officer of Bitfinex, emphasized that the license will enable “Bitfinex Securities to facilitate the issuance and secondary trading of assets with clearly defined rights and obligations as outlined in the new digital asset regulatory framework.”
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The announcement indicated that Bitfinex Securities El Salvador, a newly established entity, will provide a regulatory-compliant platform for global companies to issue digital assets such as equities, bonds, and various financial instruments. This will create a distinctive opportunity for businesses and individuals to capitalize on the benefits of issuing, investing in, and trading digital assets within the favorable regulatory landscape of El Salvador.
Bitfinex Securities El Salvador will operate separately from the existing platform of the Bitfinex group, Bitfinex Securities AIFC, which is managed by Bitfinex Securities Limited.
Related: Why did 12K Bitcoin margin longs close at Bitfinex, and why didn’t it impact BTC price?
Bitfinex continues to broaden its international presence. In 2022, Bitfinex’s security token platform was launched in Kazakhstan. The security token platform (STO) by Bitfinex, announced in September 2021, is now regulated under the Astana International Financial Center (AIFC) in Kazakhstan.
El Salvador, the pioneering nation to recognize Bitcoin (BTC) as legal tender, is advancing its position as a technology-friendly hub. On April 1, Cointelegraph reported that the country had opted to abolish all taxes on technological innovations. Salvadoran President Nayib Bukele believes that reducing tax obligations will accelerate technological progress.
