Bitfinex, a leading cryptocurrency exchange, has achieved a significant milestone by becoming the first licensee of the National Commission for Digital Assets (NCDA) in El Salvador.
This regulatory body oversees the country’s digital asset industry, and Bitfinex has secured a Digital Asset Service Provider (VASP) license from them.
This license makes Bitfinex the first international regulated platform to be recognized by the VASP under the Digital Asset Securities Act (DASL).
Jesse Knutson, COO of Bitfinex Securities El Salvador, said that the company’s focus will be on providing services that open access to funding sources for companies, organizations, and investors who are experiencing banking difficulties.
Bitfinex will also provide its customers with access to innovative financial products, including blockchain-based tokenized stocks and bonds.
Bitfinex’s CTO Paolo Ardoino expressed his commitment to support El Salvador’s financial revolution and promote educational initiatives such as Mi Primer Bitcoin, as well as second-tier technologies such as Lightning Network and RGB, and act as a technology provider for Volcano.
El Salvador’s President Nayib Bukele has been calling on foreigners to move to his country, which he describes as “the promised land of free people.”
He has also promised financial freedom and security to citizens, including through the adoption of Bitcoin as a means of payment.
With Bitfinex’s license, the exchange is well-positioned to support El Salvador’s mission to embrace digital assets and provide innovative financial services to its citizens.