Bitfinex Becomes First Licensed DASP in El Salvador

Bitfinex Becomes First Licensed DASP in El Salvador

Bitfinex Securities El Salvador,
a newly-established entity belonging to cryptocurrency exchange Bitfinex, has
emerged as the first licensed digital asset service provider (DASP) in El
Salvador. The licensing comes three months after El Salvador, the first country
in the world to adopt Bitcoin as ledger tender, passed the Digital Asset
Issuance Law.

Bitfinex Secures License for Tokenized Assets

Bitfinex announced the new
license on Tuesday in a blog post. The cryptocurrency exchange, which was founded in
December 2012, described the license as “an historic victory for financial
freedom in Latin America and beyond.”

The new license means that Bitfinex
Securities El Salvador can facilitate the issuance and trading of tokenized
assets such as equities and bonds on its platform.

“We are delighted to be the
first company to be awarded this licence. It will enable 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,”
Paolo Ardoino, the Chief Technology Officer of the Bitfinex Group, explained.

Also speaking on the license, Jesse
Knutson, Head of Operations at Bitfinex Securities, noted that the platform
will get “considerable demand” from both issuers and investors for products
such as tokenized shares, yield-bearing assets and other investment products
permitted under the new El Salvadoran law.

“Issuers are eager to
access the digital asset market, attracted by the speed, cost efficiencies and
ease of issuance compared to traditional assets. The digital asset market is a
market which, at over $1 trillion in size, is still in its infancy, but is
growing tremendously quickly,” Bitfiniex explained.

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This article was written by Solomon Oladipupo at www.financemagnates.com.

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