Binance achieves a significant milestone in El Salvador by obtaining Digital Assets Services Provider (DASP) and Bitcoin Services Provider (BSP) licenses.
Binance has achieved a milestone in El Salvador as it secured the inaugural non-provisional license as a Digital Assets Services Provider (DASP) from the National Commission of Digital Assets (Comisión Nacional de Activos Digitales) and obtained the Bitcoin Services Provider license (BSP) issued by the Central Reserve Bank (Banco Central de Reserva), according to a statement from the exchange. This license now positions the exchange as the country’s first fully licensed cryptocurrency exchange.
This accomplishment highlights the exchange’s dedication to acquiring local licenses and official endorsements across major global markets. The exchange’s license approval cuts across 18 markets worldwide, including notable regions such as France, Italy, Spain, Sweden, and Dubai.
Binance And El Salvador Authorities: Global Collaboration
Min Lin, Binance’s Head of Latin America, expressed contentment with obtaining this license, emphasizing its significance. He says this is a testament to the exchange’s dedication to the Salvadoran market and its user base. This achievement follows months of effort from the Binance team, involving information sharing and completing due diligence requirements mandated by regulatory authorities.
Min Lin thanked the National Commission on Digital Assets and the Central Reserve Bank for their invaluable support. El Salvador’s enthusiastic embrace of blockchain technology has led to a notable industry surge, highlighting the importance of innovation and security.
Daniel Acosta, Binance’s General Manager for Colombia, Central America, and the Caribbean, remarked, “These licenses empower the exchange to diversify its array of products and services, specifically tailored to meet the unique needs of our clientele in El Salvador.” Acosta also underscored the exceptional opportunity for close collaboration with the government to drive the adoption of crypto assets within the country. This collaboration aims to promote financial inclusivity, spur innovation, and provide robust client protection, as stated by Acosta.
It’s worth noting that El Salvador introduced legislation about the issuance of digital assets by both governmental entities and private enterprises two years ago. In a groundbreaking move, El Salvador formally became the world’s first nation to recognize Bitcoin as a legal tender in 2021. This historic step further solidifies the country as a trailblazer in cryptocurrency adoption and regulation.
According to reports, Binance reached a significant milestone as its subsidiary located in Dubai, known as Binance FZE, successfully obtained the Operational Minimum Viable Product (MVP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This achievement solidifies Binance FZE’s position as the first global exchange to acquire this license, thereby establishing a fresh standard for the cryptocurrency sector.