Bitfinex Derivatives Division Moves to El Salvador…License Obtained

Cryptocurrency exchange Bitfinex's derivatives division announced that it has secured a Digital Asset Service Provider (DASP) license in El Salvador.
Bitfinex Derivatives said in a statement that it will become the first cryptocurrency exchange in the Seychelles to receive a DASP license.
Paolo, Chief Technology Officer of Bitfinex Derivatives, said,
"This important transition marks a defining moment for Bitfinex Derivatives and further strengthens El Salvador's position as a global financial hub," said Ardoino.
"The company appreciates El Salvador's ongoing efforts to develop a new cryptocurrency framework and is committed to supporting the country's efforts," the company said in a statement.
He added that the decision is in line with Bitfinex's goal of providing financial services in the region. El Salvador is looking to become a cryptocurrency hub and is looking to attract new digital assets.
The Digital Assets Securities Act will come into effect in January 2023.
After the Law is enacted, Bitfinex Securities will obtain a local DASP license in April 2023.
El Salvador's licensing scheme allows companies to tokenize funds and issue debt, equity and real estate, simplifying the capital raising process and facilitating the launch of investment projects.
The initiative will help advance the project and deliver benefits to investors.