- El Salvador was the pioneer to make Bitcoin a legal tender.
- El Salvador‘s Legislative Assembly created an outline for the country to issue Bitcoin-backed bonds.
- Bitfinex has become the initial international crypto exchange to be approved under El Salvador’s new Digital Assets Issuance Law.
Bitfinex Securities El Salvador, the Bitfinex branch located in El Salvador, has received the world’s first international cryptocurrency exchange license as a Digital Asset Service Provider under El Salvador’s revolutionary Digital Assets Issuance Law (“Ley de Emisión de Activos Digitales”).
Bitfinex was granted the new license from El Salvador’s National Digital Asset Commission, and it represents a noteworthy milestone for the crypto exchange. It is part of Bitfinex’s long-term strategy to provide financial freedom and inclusivity to communities and countries all over the world, as outlined in the Bitfinex Freedom Manifesto.
The Chief Technology Officer of the Bitfinex group commenting on the new license said:
“We are pleased to be the first company to be awarded this license. It will enable Bitfinex Securities to support the issuance and secondary trading of assets with clearly defined rights and obligations as outlined in the new digital asset regulatory regime. It means that a range of entities, from small businesses to governments, can raise capital in a controlled environment, and access a class of investors that are very familiar with crypto assets and tokenized securities, which involves a market of over $1 trillion with a peak of $3 trillion.”
The new crypto law in El Salvador
The Digital Asset Issuance Law in El Salvador was passed by El Salvador’s National Congress in January 2023 and it seeks to motivate increased financial innovation and progress in the Central American country.
The new El Salvador crypto laws designed a framework for the country to issue Bitcoin-backed bonds, which are also referred to as “Volcano Bonds”.
