Bitfinex Launches Securities Trading Platform in El Salvador
Bitfinex, a long-standing cryptocurrency exchange, has announced the introduction of a securities trading platform in El Salvador. This makes it the first country to recognize bitcoin (BTC) as legal tender.
The newly established Bitfinex Securities El Salvador will be the country’s first registered and licensed digital assets service provider.
Platform Accepting Customer Applications
Bitfinex Securities El Salvador is now accepting customer applications and has a pipeline of issuances awaiting launch.
This move comes after the recent approval of several Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC). It is expected that there will be high demand for similar financial instruments that offer investors exposure to digital assets.
A Leap for Financial Innovation in Latin America
Last year, El Salvador implemented a regulatory framework for digital assets, enabling fully operational and regulated Bitcoin markets. Bitfinex believes that establishing a tokenized securities industry in the country represents significant progress for financial innovation in Latin America.
“We are excited to announce the launch of Bitfinex Securities in El Salvador,” said Paolo Ardoino, Chief Technology Officer of Bitfinex. “This is not only an important market for Bitfinex given its adoption of Bitcoin as legal tender and the fostering of a Bitcoin-based economy, but it also gives El Salvador the opportunity to attract global investment flows.”
First Set of Products Coming Soon
Bitfinex expects the first batch of tokenized assets to enter the market in the first half of this year. The decision by El Salvador to adopt BTC as legal tender in 2021 was seen as a visionary step towards creating a Bitcoin-centric economy, making it easier for these assets to launch.
“The new Digital Assets Securities Law, passed last year, carved out digital assets regulation from the traditional financial regulator and created the national commission of digital assets, that oversees the supervision and regulation of the ecosystem,” stated Juan Carlos Reyes, President of the National Commission of Digital Assets in El Salvador.
Users who wish to access all Bitfinex Securities issuances will need to be verified through the platform’s Kazakhstan arm and the new firm in El Salvador.
Hot Take: Bitfinex Expands into El Salvador’s Securities Market
Bitfinex’s launch of a securities trading platform in El Salvador marks an important milestone for both the exchange and the country. As the first nation to recognize bitcoin as legal tender, El Salvador is positioning itself as a leader in cryptocurrency adoption. With its new licensed digital assets service provider, Bitfinex aims to capitalize on this opportunity by attracting global investment flows. By establishing a tokenized securities industry, Bitfinex hopes to foster financial innovation in Latin America. The upcoming launch of tokenized assets in El Salvador is expected to further solidify the country’s Bitcoin-centric economy.
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