Binance Becomes 'The First Fully Licensed Exchange' in El Salvador
The exchange acquired both a Bitcoin Services Provider license (BSP) by the Central Reserve Bank (Banco Central de Reserva) and a non-provisional Digital Assets Services Provider license (DASP), by the National Commission of Digital Assets (Comisión Nacional de Activos Digitales).
The licenses allow Binance to offer tailor-made products and services in the country.
"These licenses allow Binance to expand the products and services offered, including options tailored to the needs of our customers in El Salvador. It is also a great opportunity to collaborate closely with government authorities to support the adoption of crypto assets in the country, foster financial inclusion and innovation, and ensure customer protection," Daniel Acosta, Binance General Manager for Colombia, Central America, and the Caribbean, was quoted as saying.
"This milestone achievement represents another step in Binance’s ongoing efforts to get local licenses and permissions in key markets worldwide. With this, the company has approvals and registrations in 18 markets worldwide, including France, Italy, Spain, Sweden, and Dubai, more than any other crypto exchange," Binance wrote in a blog post.
Back in January, the Legislative Assembly of El Salvador passed a Digital Assets Issuance Law, which provides definitive regulatory framework for tokenized securities, altcoins, and businesses that wish to transact or offer services focused on digital assets other than Bitcoin, while also paving the way for its upcoming "Volcano Bond."