Bitfinex Derivatives, a child company of global cryptocurrency exchange Bitfinex, has taken the initiative to move to El Salvador as it secures a Digital Asset Service Providers (DASP) license. This strategic decision comes at a booming time to strengthen the country’s financial standing in Latin America and become a leader in Bitcoin adoption. Bitfinex Derivatives decide to move to El Salvador El Salvador’s proactive stance on cryptocurrency legislation has gained attention from global crypto investors. It became the first country to accept Bitcoin as legal tender, a move which has encouraged locals to seamlessly invest in cryptocurrencies. Since then, the country has proposed different policies to promote digital assets and support fintech innovation. By securing a DASP license, Bitfinex Derivatives can provide a wide range of financial services and consultations in El Salvador. Bitfinex Derivatives also lauded the country for its persistent efforts to establish new crypto frameworks, and said El Salvador’s progress in this regard aligns with the company’s broader goals of serving clients in the region. Bitfinex Derivatives’ Chief Technology Officer, Paolo Ardoino, emphasized the pressing need for this move in a recent interview, saying, “This critical transition represents a defining moment for Bitfinex Derivatives and highlights El Salvador’s rise as a global financial hub”. El Salvador’s vision to become a crypto hub El Salvador has recently introduced a series of digital asset regulations in an effort to become a crypto hub. After the country passed the Digital Assets Securities Law in January of 2023, Bitfinex Derivatives went on to secure a local DASP license in April the same year. The country’s licensing regime streamlines the fundraising and investing procedures by enabling businesses to issue tokens, raise funds, and provide returns to inventors. It has already attracted prominent initiatives, such as Bitfinex Securities’ planned tokenized public issuance of US Treasury notes in November 2024. This is not the first move by Bitfinex in El Salvador. The firm’s securities arm also attempted a Hilton hotel tokenization initiative. The hotel project attempted to raise funding by selling the “HILSV” token on the Bitcoin layer-2 Liquid Network. To get a share of the project, investors had to make a minimum investment of $1,000. Funds raised through the hotel initiative were going to be used to finance the construction of the Hampton by Hilton hotel, which would have a size of 4,500 square meters across 5 levels with 80 rooms, as well as a restaurant, work area, gym, garden, and a swimming pool. However, the project failed to raise the minimum $500,000 that was required to continue the venture. As a result, Bitfinex Securities had to refund investors in July last year. Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap
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