According to an official release, Binance, a cryptocurrency exchange, announced that it has become a licensed crypto exchange in El Salvador after being granted a Bitcoin Services Provider license (BSP), by the Central Reserve Bank (Banco Central de Reserva). It is believed that they also got a non-provisional Digital Assets Services Provider license (DASP), by the National Commission of Digital Assets (Comisión Nacional de Activos Digitales).
It is expected that this will provide Binance access to local licenses and permissions in markets worldwide. With this, the company is supposed to get approvals and registrations in 18 markets worldwide such as France, Italy, Spain, Sweden and Dubai, among others,
“With the licence, Binance will be able to work collaboratively with regulatory agencies around the world to support global standards for the crypto and blockchain industry,” Min Lin, head of Latin America, Binance, explained.
As per the official release, El Salvador is expected to become the first country to approve a law regulating the issuance of Bitcoin and other digital assets by both state and private entities.