According to the recent announcement by Binance, the cryptocurrency giant has become the first fully licensed crypto exchange in El Salvador. The exchange has been granted both the Bitcoin Services Provider license and the first non-temporary Digital Assets Services Provider license.
Binance announced that it has become the first fully licensed crypto exchange in El Salvador after being granted the Bitcoin Services Provider license (BSP) by the Central Reserve Bank and the first non-temporary Digital Assets Services Provider license (DASP) by the National Digital Assets Commission (ComisiÃ³n Nacional de Activos Digitales).
Min Lin, the Latin America President of Binance, stated:
“We are honored to receive this license as Binance continues to collaborate with regulatory institutions around the world to support global standards for the crypto and blockchain industry. This announcement comes after months of dedicated work from our team to provide all the necessary information demonstrating our commitment to the Salvadoran market and our users, as well as the required diligence requested by the institutions. We are grateful to the Central Reserve Bank and the National Digital Assets Commission. Embracing blockchain technology has created an emerging sector that proves security and innovation complement each other in El Salvador. Now, we are joining the countries from all over the world that grant regulatory licenses to Binance.”
El Salvador became the first country in the world to recognize Bitcoin as a legal tender two years ago in 2021 and approved a law that regulates the issuance of other crypto assets by both government and private entities.