In a major step toward global expansion, crypto exchange Bitget has received a Digital Asset Service Provider (DASP) license from El Salvador’s National Digital Assets Commission (CNAD). The announcement was made via a press release shared on April 4, 2025. With this move, Bitget becomes the third crypto exchange, after Binance and Bitfinex, to hold both the DASP and BSP licenses in the country.
This approval marks a significant achievement for Bitget, as it now gains the regulatory green light to offer a wide range of crypto-related services within El Salvador. The license will allow the platform to operate services like crypto savings, investment products, spot and futures trading, staking, and other yield-based financial offerings.
A Key Milestone for Bitget
Hon Ng, Bitget’s Chief Legal Officer, celebrated the win. “El Salvador’s clear and forward-thinking rules make it a great spot for Web3 companies like us,” he said. “We’re excited to keep supporting markets with strong regulations and help grow the crypto economy.” The DASP license lets Bitget offer a wide range of services in El Salvador. These include crypto savings accounts, investment options, and trading features like spot and futures markets, staking, and other profit-driven products.
Bitget isn’t alone in this achievement. Binance and Bitfinex grabbed their DASP and BSP licenses earlier. Bitfinex, in particular, has deep ties with El Salvador. It was a tech partner for the country’s Volcanic bonds and one of the first to snag the DASP license. Now, Bitget’s entry signals El Salvador’s push to welcome more global crypto players.
El Salvador’s Growing Crypto Ecosystem
El Salvador made headlines in 2021 when it became the first country in the world to adopt Bitcoin as legal tender. Since then, the Central American nation has continued to promote a pro-crypto stance, despite facing criticism from traditional financial institutions.
As part of its ongoing strategy, El Salvador is actively expanding its crypto infrastructure and licensing framework. By granting licenses like DASP and BSP, the country is encouraging more global players to enter its crypto space.
Bitfinex, one of El Salvador’s early crypto partners, was among the first to receive both licenses. The exchange also played a key role in the country’s Volcano Bonds project, acting as a technology partner for the tokenized bond program backed by geothermal energy.
What the DASP License Means
The DASP and BSP licenses are game-changers for exchanges like Bitget. The DASP license unlocks a toolbox of crypto services. Users in El Salvador can now trade on Bitget’s spot and futures markets. They can stake coins for rewards or explore yield-based products. Meanwhile, the BSP license ensures Bitget meets the country’s standards for secure operations. Together, these approvals give Bitget a firm foothold in a market eager for digital innovation.
For El Salvador, this is about more than just one exchange. Inviting global names like Bitget builds on the groundwork laid by Binance and Bitfinex. Bitfinex’s early role with Volcanic bonds set the stage. Now, Bitget’s arrival adds fresh momentum to El Salvador’s crypto hub dreams.
Challenges with the IMF
The IMF’s demands cast a shadow. Rolling back Bitcoin laws could confuse investors and slow growth. The Chivo wallet, once a flagship project, faces the axe. Merchants might soon choose whether to accept Bitcoin, not be forced to. And with no more public funds for Bitcoin buys, El Salvador’s bold vision could lose steam. These changes clash with the country’s push to expand crypto services by April 2025.
Still, Bitget remains upbeat. Hon Ng sees El Salvador as a leader in smart regulation. “We’ll keep backing places that get it right,” he said. For now, the exchange is focused on rolling out its offerings and tapping into the local market.
What’s Next?
El Salvador’s crypto story is far from over. Bitget’s new license, secured on April 04, 2025, is a win for the exchange and the country’s digital goals. But the IMF’s pressure adds uncertainty. Will El Salvador stick to its Bitcoin roots or bend to global demands? The answer could shape its role as a crypto pioneer.
For Bitget, the path is clear. With Binance and Bitfinex as peers, it’s ready to compete. The exchange’s mix of trading, staking, and savings tools could draw users fast. As El Salvador balances growth and challenges, all eyes are on how this tiny nation and its crypto partners navigate the road ahead.
