Bitfinex Derivatives, the derivatives arm of cryptocurrency exchange Bitfinex, has announced its relocation from the Seychelles to El Salvador after securing a Digital Asset Service Provider (DASP) license. This strategic move underscores El Salvador’s commitment to becoming a prominent financial hub in Latin America.
Paolo Ardoino, Chief Technology Officer of Bitfinex Derivatives, emphasized that this transition marks a significant milestone for the company and highlights El Salvador’s emergence as a global financial center. The relocation aligns with Bitfinex’s broader objectives to expand its services within regions that offer progressive regulatory frameworks for digital assets.
El Salvador has been proactive in establishing a conducive environment for cryptocurrency operations. Following the enactment of its Digital Assets Securities Law in January 2023, Bitfinex Securities obtained a local DASP license in April of the same year. This regulatory framework facilitates the tokenization of various assets, streamlining capital-raising processes for companies and offering diverse investment opportunities.
In November 2024, Bitfinex Securities launched a tokenized public offering of U.S. Treasury bills under El Salvador’s legal framework, further solidifying its presence in the country. This initiative reflects the growing collaboration between cryptocurrency platforms and nations like El Salvador that are embracing digital assets to drive economic growth and innovation.
