Bitfinex Obtains License to Operate Under El Salvador’s New Crypto Law

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El Salvador was the first country to adopt Bitcoin as legal tender. El Salvador’s Legislative Assembly established a framework for the country to issue bonds backed by Bitcoin. Bitfinex is the first international crypto exchange to be approved under Salvador’s new digital asset issuance law.

Bitfinex Securities El Salvador, the Bitfinex branch in El Salvador, has become the first international cryptocurrency exchange in the world to receive approval and obtain a license as a digital asset service provider under the revolutionary new law of El Salvador on the issuance of digital assets (“Ley de Emisión de Activos Numériques”).

Bitfinex has received the new license from the National Commission for Digital Assets of El Salvador and this marks a milestone for the crypto exchange. This is a step in Bitfinex’s long-term strategy to bring financial freedom and inclusion to communities and countries around the world, as outlined in the Bitfinex Freedom Manifesto.

Bitfinex Group CTO commenting on the new license said:

“We are delighted to be the first company to obtain this license. This will allow Bitfinex Securities to facilitate the issuance and secondary trading of assets with clearly defined rights and obligations, as outlined in the new digital asset regulatory regime. This means that a whole range of entities, from small businesses to governments, can raise capital in a regulated environment and tap into a class of investors who are extremely comfortable with crypto assets and tokenized securities, representing a market of more than 1 trillion dollars with a peak of 3 trillion dollars.

The New Cryptography Law in El Salvador

The new law on the issuance of digital assets in El Salvador was passed by the National Congress of El Salvador in January 2023 and aims to foster greater financial innovation and growth in the Central American country.

El Salvador’s new crypto laws have established a framework for the country to issue Bitcoin-backed bonds, also known as “volcanic bonds”.

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