Bitfinex Derivatives, the derivatives arm of the cryptocurrency exchange Bitfinex, has obtained a Digital Asset Service Providers (DASP) license in El Salvador. This approval will see the firm relocate its operations from Seychelles to the Central American nation.
In a statement released on January 7th, Bitfinex Derivatives emphasized that this move aligns with its strategic goal of expanding its financial services within the region. The company praised El Salvador's proactive approach in developing a robust regulatory framework for the cryptocurrency industry.
This move follows Bitfinex Securities' acquisition of a DASP license in April 2023, solidifying the company's presence in El Salvador's burgeoning crypto ecosystem. The country's Digital Assets Securities Law, enacted in January 2023, facilitates the tokenization of various assets, including funds, debt, equity, and real estate, streamlining capital raising for businesses and investment opportunities for investors.
Earlier, in November 2024, Bitfinex Securities successfully launched a tokenized public offering of U.S. Treasury bills (T-bills) under El Salvador's regulatory framework. However, the company faced a setback in July 2024 when a tokenization project for a Hilton hotel was forced to refund investors due to insufficient funding. The project aimed to raise $6.25 million through the issuance of "HILSV" tokens on the Liquid Network, but only managed to secure $342,000, falling short of the minimum $500,000 threshold.
Despite this minor setback, Bitfinex Derivatives' relocation to El Salvador signals its confidence in the country's commitment to fostering a thriving crypto market. This move is expected to further enhance the company's operations and contribute to the continued growth of El Salvador's digital asset ecosystem.
January 2025, Cryptoniteuae