Highlights:
- Bitfinex Derivatives has secured a DASP operational permit in El Salvador.
- The license approval means that users who wish to continue accessing the derivatives features must comply with Bitfinex Derivatives El Salvador S.A. de C.V. terms of service.
- Bitfinex’s new feat aligns with its vision to establish a global crypto regulatory outlet.
Seychelles-based crypto exchange Bitfinex announced in a January 7 tweet that its derivatives arm, Bitfinex Derivatives, has secured a new Digital Asset Service Provider (DASP) in El Salvador. The latest achievement aligns with the trading platform expansion project. In addition, it highlights El Salvador’s favorable crypto regulatory framework, making it one of the largest hubs for crypto and fintech firms.
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📢 Bitfinex Derivatives has been awarded a Digital Asset Service Provider licence in 🇸🇻 El Salvador – a monumental step in our global expansion.
The new licence supports El Salvador as a key digital asset financial centre.
Discover more:https://t.co/vPGO01clhp pic.twitter.com/79hdbBHONX— Bitfinex (@bitfinex) January 7, 2025
Meanwhile, on its official announcement website, Bitfinex shed more light on its new endorsement, citing users’ eligibility criteria. According to the publication, El Salvador’s operational permit implies that Bitfinex Derivatives El Salvador S.A. de C.V. will take over the responsibilities of handling derivative services on the exchange’s official platform.
As a result of the changes above, both new and old users who would like to continue enjoying the derivatives services must be ready to comply with Bitfinex Derivatives El Salvador S.A. de C.V. terms of service. In its exact wordings, the exchange stated: “To continue to use the Derivative Services on or after this date, you will be required to accept the Bitfinex Derivatives El Salvador S.A. de C.V. terms of service.”
Bitfinex Previous Approval Exploits in El Salvador
Before its most recent DASP license approval in El Salvador, Bitfinex was already a familiar entity in Central America. Notedly, it became the first-ever trading outlet to El Salvador’s operational permit in April 2021. A few months later, Bitfinex obtained another license for its Securities arm.
The above partnerships, coupled with the most recent DASP approval, have cemented the exchange’s position as a top trading platform in El Salvador. By expanding into Central America, the trading platform is also gaining more ground in the Latin American region.
What Users Stand to Benefit
The license approval means that Bitfinex will be rolling out its unique derivatives trading features for customers. These include perpetual futures, options, and other tools to enhance users’ trading experience on the platform.
On its part, Bitfinex is actively working to ensure that it provides users with the best trading experiences. The exchange’s dedication is evidenced in its strategic partnerships, including the one with Thalex in July 2024 that eventually went live in November last year. The integration introduced the options and perpetual trading features for users on the exchange.
What does the Thalex & Bitfinex Derivatives integration mean for YOU?
Hendrik Ghys (@minus1_12), CEO of @ThalexGlobal, explains how the pair delivers frictionless onboarding and makes options trading as seamless as possible.
🎧 Learn more here: https://t.co/VvzCOd4Yla pic.twitter.com/CQaOaLKVq6
— Bitfinex (@bitfinex) November 29, 2024
Another significant partnership was the one involving Volmex in early 2024. With Volmex’s integration, Bitfinex successfully rolled out its perpetual features with ties cutting across Bitcoin (BTC) and Ethereum (ETH) volatility indices. The innovation allows users to capitalize on leading cryptocurrencies’ anticipated price fluctuations.
El Salvador’s Government and Regulatory Framework Roles
Moreover, it is worth noting that the earned licenses are aligned with the nation’s regulatory framework. Therefore, customers are assured that they are trading in a secure environment, with no fear of any regulatory crackdown that could interfere with service provisions. Additionally, Bitfinex’s presence in El Salvador will help grow institutional and individual investors’ interests in digital assets investments.
Overall, all the achievements highlighted in this insight would not be possible without El Salvador’s government’s accommodating approach towards digital assets. The nation’s president, Nayib Bukele, has remained a strong Bitcoin supporter.
He considers the digital asset a profitable store of value. Hence, his government has purchased over 6,000 BTC worth over $560 million. The president is showing no signs of relenting, with plans to further expand his nation’s BTC reserve in 2025.
JUST IN: El Salvador bought more #Bitcoin for their strategic bitcoin reserve this afternoon 🇸🇻 pic.twitter.com/SefpwAPkGL
— Bitcoin Magazine (@BitcoinMagazine) January 7, 2025
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