Reporting by Shiela Bertillo and additional information by Michael Mislos
The global cryptocurrency exchange Binance has successfully obtained full licensing in El Salvador after being granted both a Bitcoin Services Provider (BSP) license by the Central Reserve Bank (Banco Central de Reserva) and the first non-provisional Digital Assets Services Provider (DASP) license by the National Commission of Digital Assets (Comisión Nacional de Activos Digitales).
Binance El Salvador
- Min Lin, Binance’s Head of Latin America, expressed that the exchange is honored to have been granted the license and that the firm will continue to work with regulators to support global standards for the crypto industry.
- Daniel Acosta, Binance General Manager for Colombia, Central America, and the Caribbean, emphasized in a statement that the licenses will enable Binance to expand the products and services offered, including options tailored to the needs of its customers in El Salvador.
“It is also a great opportunity to collaborate closely with government authorities to support the adoption of crypto assets in the country, foster financial inclusion and innovation, and ensure customer protection,“ he added.
Crypto Adoption in El Salvador
- In June 2021, El Salvador’s President Nayib Bukele announced at the Bitcoin 2021 conference in Miami that he intends to introduce a bill in the country’s congress to establish Bitcoin as an official legal tender. Later, Bukele stated that Bitcoin will become legal tender on September 7, 2021.
- In accordance with this, El Salvador does not impose capital gains tax on Bitcoin. The country also announced its intention to build the world’s first Bitcoin City to maintain its status as a cryptocurrency hub.
- Binance has licenses in several jurisdictions, including Spain, Kazakhstan, Italy, and most recently in Japan.
- While it has a license in France, it is also facing investigations in the country.
- Binance is currently applying for a license in Taiwan.
- In the Philippines, while it expressed intention to register, the exchange is still not licensed in the country.
This article is published on BitPinas: Binance: El Salvador Grants Crypto Exchange License to Global Firm
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