bsp

The cryptocurrency exchange Deepcoin announced that it has been approved for an official license as a Bitcoin Service Provider (BSP) issued by the Central Reserve Bank of El Salvador (Banco Central de Reserva), allowing it to provide regulated Bitcoin-related services under the local compliance framework, including Bitcoin custody, Bitcoin trading, and Bitcoin-related exchange services.El Salvador is the first country in the world to establish Bitcoin as legal tender. The BSP license issued by its central bank directly connects the dual currency system of the US dollar and Bitcoin, and adopts international banking-level high standards for review in international anti-money laundering (AML/CFT) and risk control frameworks. This endorsement by a sovereign nation's legal currency, combined with a very high technical threshold, gives the BSP license significant industry value.Previously, only a few global trading platforms, such as Binance and Bitfinex, had passed this rigorous compliance review. Deepcoin's successful approval means that its technical security and compliance governance have reached the standards of leading international platforms and have received the highest recognition from sovereign regulatory authorities.Having been deeply involved in the industry for many years, Deepcoin has always adhered to the principle of "compliance first." In the future, Deepcoin will strictly operate within the regulatory framework, accelerating the expansion into emerging global markets, and providing local and global users with safe, robust, transparent, and innovative trading services.

ChainCatcher news, according to Bitcoin.com News, based on records from the Central Reserve Bank of El Salvador, among the 181 registered Bitcoin Service Providers (BSPs) in the country, only 20 are actively operating, accounting for just 11%. This includes the official digital wallet Chivo, which will be dissolved according to the agreement reached between the government and the International Monetary Fund (IMF). Although El Salvador is one of the first countries to open its doors to Bitcoin and cryptocurrency services, local interest in these solutions has remained low.

ChainCatcher news, recently, the National Digital Assets Commission of El Salvador (CNAD) granted a Digital Asset Service Provider (DASP) license to Bitget. Following the acquisition of a Bitcoin Service Provider (BSP) license in 2024, Bitget has further expanded its compliance layout locally, becoming the third mainstream cryptocurrency exchange globally to obtain dual licenses, after Binance and Bitfinex.The acquisition of both DASP and BSP licenses means that Bitget can legally conduct spot and derivatives trading, staking, yield products, and other one-stop digital asset services in El Salvador. Additionally, the new license also covers infrastructure products such as crypto savings and investments, further enhancing user convenience and asset security in participating in Web3.Bitget's Chief Legal Officer Hon Ng stated, "We are always committed to expanding our business in countries with clear regulatory frameworks and providing quality services to our users. This recognition from CNAD is an important step in Bitget's global compliance strategy. El Salvador has a forward-looking and transparent approach to digital asset regulation, making it very attractive for Web3 companies focused on compliance. In the future, we will continue to support markets with clear regulatory systems and promote the robust development of the crypto economy."

ChainCatcher news, recently, the Central Reserve Bank of El Salvador (Banco Central de Reserva) granted a Bitcoin Service Provider (BSP) license to Bitget. At the same time, Bitget is applying for a Digital Asset Service Provider (DASP) license from the National Commission of Digital Assets in El Salvador to further expand its service offerings. To strengthen its presence in the Latin American market, Bitget plans to establish a local team in El Salvador to support business operations and enhance user experience.Bitget's Chief Business Officer Min Lin stated: "Latin America is a core area for crypto innovation, with immense potential. As the first country to adopt Bitcoin as legal tender, El Salvador offers significant insights for advancing the industry. Obtaining the BSP license is an important step in Bitget's globalization strategy. We are committed to promoting the development of the crypto ecosystem in the region by providing secure, convenient, and innovative services, and contributing to financial inclusion and regional economic growth."