Bitfinex Moves Derivatives to El Salvador After Winning Digital Asset License

El Salvador is one of the prominent crypto-friendly countries. It is the first in the world to make Bitcoin a legal tender. In 2023, it introduced a revolutionary law, called the Digital Assets Securities Law, boosting its efforts to become the global crypto hub. Recent developments indicate that many crypto companies are keen to benefit from the pro-crypto environment in the Central American country. Interestingly, Bitfinex has moved its derivatives arm from Seychelles to San Salvador as it has won a Digital Asset Service Providers license. Lets dive into the details of this crucial move. Ready？

Bitfinex Derivatives Moved to El Salvador

In an official statement released to the media, Bitfinex Derivatives has acknowledged the rumours of its relocation from Seychelles to El Salvador. It has also confirmed the report that its DASP licence request has been approved by the Central American country.

El Salvadors Crypto-Friendly Framework Explained

El Salvador has a true potential to emerge as a prominent cryptocurrency hub, not only because it holds at least 6,002 BTC, worth $574,644,924, but also for the fact that it is very eager to develop crypto-friendly policies. The introduction of the Digital Assets Securities Law, in 2023, which supports tokenisation of assets like funds, debit, equity and even real estate, is a good example.

Bitfinex Securities became one of the first crypto companies to recognise the vast potential of this law. It earned a local DASP license just a couple of months after the laws introduction.