Tether will Relocate to El Salvador After Securing DASP License

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Tether Inc., the company responsible for the $137 billion stablecoin USDT, announced it’s planning to move its operations to El Salvador, which was the first nation to recognize Bitcoin as legal tender. The company is almost done with all the necessary paperwork associated with this shift. Additionally, they have secured a Digital Asset Service Provider (DASP) license from local authorities.

In a recent declaration, Tether described this action as another stride in their mission to promote worldwide Bitcoin acceptance. The company also praised El Salvador’s innovative approach to digital asset governance. According to the statement, the decision to move to El Salvador is due to its progressive policies, advantageous regulatory setting, and expanding community proficient in Bitcoin.

Tether’s CEO, Paolo Ardoino, emphasized that their company is now concentrating on developing markets and is seeking partnerships. He also pointed out that El Salvador serves as a trailblazer for innovation in the realm of digital assets.

In speaking about our decision to establish a strong presence here, Ardoino noted that we are not only finding common ground with a nation that mirrors our aspirations for financial autonomy, technological advancement, and robustness, but we are also emphasizing our dedication to uplifting individuals globally through the power of decentralized systems.

If El Salvador’s president Nayib Bukele, known for his pro-Bitcoin policies, wins the election in early 2024, it’s not surprising that he might take steps in this direction given the increasing popularity of cryptocurrencies and Bitcoin, along with stablecoins. After securing his victory, Bukele expressed his intention to transform the country.

Tether to Build a New Home

Ardoino referred to El Salvador as Tether’s “new residence” and stated that they aim to collaborate with local authorities to empower individuals and businesses through digital currency. The stablecoin issuer also plans to expand its operations in the country, offering financial inclusion to people and promoting the use of USDT.

Tether likewise affirmed that moving to a nation with a welcoming attitude towards cryptocurrencies would enable them to concentrate on innovation and flourish, providing additional offerings for their customers. By setting up its main office in a Central American country, the company positions itself favorably against its competitors.

Previously reported by Coinspeaker, digital asset trading platform Bitfinex Derivatives has obtained a DASP license in El Salvador, operating under the name Bitfinex Derivatives El Salvador S.A. de C.V. This move allows the firm to provide its services to users residing in the region. Interestingly, Bitfinex was the first cryptocurrency exchange to secure DASP registration in El Salvador back in April 2021.

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2025-01-13 20:03