Bitfinex Derivatives has been granted a Digital Asset Service Provider (DASP) license in El Salvador, which represents another step in the country’s efforts to cultivate a vibrant digital economy. This milestone coincides with El Salvador’s innovative stance on cryptocurrency, as demonstrated by its groundbreaking decision to recognize Bitcoin as legal tender in 2021.
As a researcher, I’m excited to share that Bitfinex Derivatives will now operate under Bitfinex Derivatives El Salvador S.A. de C.V., enabling us to offer our cutting-edge trading services within the progressive regulatory framework of El Salvador. To ensure uninterrupted access to our derivatives services, users are kindly requested to accept the updated terms of service.
Under this license, we are thrilled to transfer Bitfinex Derivatives to El Salvador – a pioneer in establishing a strong digital economy. This decision reinforces our commitment to provide cutting-edge trading services, particularly to areas in Latin America that have been traditionally underserved. This announcement was made on X.
Bitfinex Secures Dual Crypto Recognition in El Salvador
Bitfinex has been a pioneer in cryptocurrency development within El Salvador. In April 2021, it became the first digital asset exchange to receive DASP (Digital Asset Service Provider) registration in the country. Subsequently, its Bitfinex Securities platform made history by securing El Salvador’s Digital Assets License. This double recognition underscores Bitfinex’s pivotal position in driving crypto growth within the nation.
In 2023, El Salvador adopted a supportive stance towards cryptocurrency with the approval of its Digital Asset Issuance Law, opening up opportunities for businesses to innovate in this field. This legal structure allows for the issuance and trading of digital assets like bonds, stocks, and other financial instruments, thereby establishing El Salvador as an attractive location for crypto-related projects.
President Nayib Bukele, known for his backing of Bitcoin, has also been instrumental in boosting the industry’s growth. By December 2024, it was reported that the government had amassed more than 6,000 Bitcoins, solidifying the nation’s standing as a leading player on the global cryptocurrency scene.
Strategic Partnerships and Expansion
To expand its services, Bitfinex Derivatives teamed up with Thalex in July 2024. By November 2024, this partnership was fully integrated. This collaboration brought about options and perpetual futures trading, making the platform more attractive for traders globally.
Previously this year, Bitfinex introduced perpetual futures linked to bitcoin and ether volatility indices. This allows users to speculate on predicted price fluctuations of major cryptocurrencies. These innovations, collaboratively developed with Volmex, reflect the platform’s dedication towards advancement and addressing market requirements.
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2025-01-08 02:51