El Salvador grants Bitfinex Securities a license to operate as a provider of digital assets.
Bitfinex Securities will be able to issue and trade secondary assets on a platform that complies with regulations according to the license given by El Salvador’s National Digital Asset Commission.
Under the new Digital Assets Issuance Law, which was approved by El Salvador’s National Legislature in January and aims to promote greater financial innovation and growth in Central America, Bitfinex Securities El Salvador has been granted a license as a supplier of digital asset services.
The license, given on April 11 by El Salvador’s National Digital Asset Commission, makes Bitfinex Securities El Salvador the world’s first international digital asset platform to get clearance to be licensed as a Digital Asset Service Provider in El Salvador, according to the release.
Bitfinex’s chief technical officer, Paolo Ardoino, stated that the license will allow Bitfinex Securities to facilitate the issue and secondary trading of assets with well defined rights and obligations as established in the new digital asset regulatory system.
According to the release, Bitfinex Securities El Salvador, a newly formed corporation, will provide a regulatory-compliant platform for enterprises throughout the world to issue digital assets such as shares, bonds, and other financial products. This will provide a once-in-a-lifetime chance for firms and individuals to capitalize on the benefits of issuing, investing in, and trading digital assets in El Salvador’s favorable legal environment.
Bitfinex Securities El Salvador will operate independently of Bitfinex Group’s current platform, Bitfinex Securities AIFC, which is administered by Bitfinex Securities Ltd.
Bitfinex’s global reach continues to grow. Bitfinex’s security token platform became live in Kazakhstan in 2022. Bitfinex’s security token platform (STO), introduced in September 2021, is currently governed by Kazakhstan’s Astana International Financial Center (AIFC).