Bitfinex Securities to Launch in El Salvador on Jan 31 as First Registered Service Provider

CryptoNews.com

2024-01-31 09:53:36

Hongji Feng

Last updated:

January 31, 2024 04:27 EST | 1 min read

Source: DALL·EBitfinex is set to launch in El Salvador on January 31, becoming the first registered and licensed digital asset service provider in the country.

Bitfinex Securities, a prominent digital asset exchange, disclosed its plan to establish operations in El Salvador in an email shared with Cryptonews.com.

The scheduled launch of Bitfinex in the Central American country is anticipated to enhance the country’s status as a key player in the digital asset space, potentially influencing the upcoming general election on Feb. 4.

El Salvador Profits from Bitcoin Investments

The move comes just two months after President Nayib Bukele’s announcement of El Salvador’s Bitcoin investments turning profitable.

As Bitcoin price exceeded $42,000 in early December 2023, Bukele stated on social media that the country finally profited from its investment in cryptocurrency and intended to continue holding its asset.

El Salvador’s #Bitcoin investments are in the black!

After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on #Bitcoin’s market price at the time…

With the current #Bitcoin market price, if we were to sell… pic.twitter.com/gvl2GfQMfb

— Nayib Bukele (@nayibbukele) December 4, 2023

“El Salvador’s Bitcoin investments are in the black!” said Bukele.

“With the current Bitcoin market price, if we were to sell our Bitcoin, we would not only recover 100% of our investment but also make a profit of $3 620 277.13 USD (as of this moment). Of course, we have no intention of selling.”

El Salvador announced the adoption of Bitcoin as its legal tender in September 2021 and carried out its official digital asset legislation in January 2023.

Naturalization Through Bitcoin

El Salvador’s Congress also passed a new law allowing foreign citizens to obtain citizenship through Bitcoin investment on Dec. 21, 2023.

The Salvadoran legislature, led by President Bukele’s New Ideas party, voted in favor of this law during a late-night session.

The law offers expedited citizenship to foreign investors who make Bitcoin contributions towards social and economic development programs. This initiative is part of the country’s strategy to attract foreign investment and strengthen its economy.

Additionally, the law eases the naturalization process for non-Spanish-speaking investors by eliminating the usual five-year residency requirement. Foreigners investing in Bitcoin will now be able to gain Salvadoran citizenship more quickly.

Notably, the law does not specify a minimum donation amount, thus broadening its appeal to a diverse group of investors.

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