Nikolas Sargeant
Bitfinex Derivatives has secured a Digital Asset Service Providers (DASP) license in El Salvador, announcing plans to relocate its entire derivatives operation from Seychelles. The January 7 announcement marks a significant shift for the company, requiring users to accept new terms of service under Bitfinex Derivatives El Salvador S.A. de C.V., the newly established local entity.
El Salvador's Growing Crypto Ecosystem
Since passing the Digital Assets Securities Law in January 2023, El Salvador has emerged as a pioneering force in cryptocurrency regulation. The country's framework enables businesses to tokenize various assets, from treasury bills to real estate. Bitfinex Securities became an early adopter, securing its DASP license in April 2023 and later launching a tokenized U.S. Treasury bills offering in November 2024, despite facing challenges with earlier tokenization projects.
Bitcoin Strategy Drives National Growth
El Salvador's commitment to cryptocurrency extends beyond regulatory frameworks. The nation recently achieved a milestone by acquiring its 6,000th Bitcoin, joining an elite group of countries with substantial Bitcoin holdings. With investments showing a 108% surge and total holdings valued at approximately $569.3 million, the country maintains its position as the world's sixth-largest national Bitcoin holder, following the United States, China, the United Kingdom, Ukraine, and Bhutan.
Future of Digital Asset Innovation
Despite international scrutiny, particularly from the IMF, El Salvador continues to strengthen its position in the crypto space. The government's unwavering commitment to Bitcoin, coupled with potential plans to increase holdings and transition to private-sector digital wallets, signals a long-term vision for cryptocurrency integration. This strategic approach, combined with welcoming regulatory frameworks for companies like Bitfinex, positions El Salvador as an emerging hub for digital asset innovation.
