Bitfinex Derivatives, the Seychelles-based crypto platform, secured a Digital Asset Service Provider (DASP) license in El Salvador on January 7, signaling a major push into the Latin American market.
Expansion into Latin America
Bitfinex announced via its X account that the new DASP license allows the company to offer derivatives services through its newly formed subsidiary, Bitfinex Derivatives El Salvador S.A. de C.V.
The platform plans to roll out advanced trading services, including options and perpetual futures, targeting both retail and institutional traders.
Sponsored
This move bolsters Bitfinex’s position in Latin America while aligning with El Salvador’s efforts to establish itself as a global cryptocurrency hub, following its landmark decision to adopt Bitcoin as legal tender in 2021.
After El Salvador enacted its Digital Assets Securities Law in January 2023, the country’s licensing framework allows companies to tokenize assets such as funds, debt, equity, and real estate, facilitating capital raising, project funding, and investor returns.
On the Flipside
- Despite progress, El Salvador and Bitfinex face challenges, including IMF restrictions on Bitcoin transactions and setbacks with the Chivo wallet, which may hinder broader crypto adoption.
Why This Matters
Bitfinex’s DASP license boosts its position in Latin America and supports El Salvador’s crypto-friendly image, furthering the country’s commitment to innovation and attracting global investors.
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