Bitcoin has secured top-level regulatory approval in the Bitcoin bull country of El Salvador.
El Salvador is a Central American country. In September 2021, El Salvador adopted Bitcoin as legal tender in the country under the presidency of Nayib Bukele. So in the current time, people can buy all goods and services with instant payment in Bitcoin or US dollars. At the time, the country’s president, Bukele, faced massive criticism from opposition leaders over the Bitcoin adoption plan. Also, some people took to the streets and vandalized Bitcoin kiosks nationwide.
On August 8, 2023, Bitcoin CEO Changpeng Zhao (CZ) informed his followers that Binance crypto exchange received full regulatory approval in the jurisdiction of El Salvador and that Binance also became the first crypto company to secure such a level of approval.
Binance blog post read that the company has obtained a Bitcoin Services Provider License (BSP) and the Digital Assets Services Provider License (DASP) – issued by El Salvador’s Central Reserve Bank (Banco Central de Reserva) and the National Commission of Digital Assets (Comisión Nacional de Activos Digitales) respectively.
here the DASP license for the Binance exchange, a clear meaning is that the exchange is now conducting services on behalf of a non-provisional regulatory body.
Binance Head of Latin America Min Lin said that the Binance team is proud to secure these two important licenses in El Salvador and that the Binance exchange will remain continuously focused to grow in full compliance with global regulatory standards.
Binance General Manager Daniel Acosta said the latest regulatory approval for the Binance exchange will help make changes to its services according to the need of El Salvador’s crypto investors and it will also enable the Binance exchange to co-operate working with government agencies to drive crypto adoption in the country.
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