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Tether confirmed that it has moved to El Salvador after securing a DASP license in the region. Tether CEO Paolo Ardoino confirmed that his company is currently aiming to work with El Salvador’s business.
Tether, behind the $137 billion Stablecoin USDT, said it had moved to El Salvador, the first country to adopt Bitcoin as its fiat currency, and was approaching completion of all procedures related to the same. The company also obtained a Digital Asset Service Provider (DASP) license from regional authorities.
In the official announcement, Tether called the move another step towards a “journey to promote global Bitcoin adoption.” The company also praised El Salvador’s approach to digital asset regulation. The reason for relocating to El Salvador is the Central American nation’s “advanced policies, a favorable regulatory environment and the growth of a Bitcoin-savvy community,” according to the statement.
Tether CEO Paolo Aldoino emphasized his company’s shifting focus to emerging markets and aiming to collaborate, adding that El Salvador represents a “beacon of innovation in the digital asset space.”
“By supporting ourselves here, we are not only align with countries that share our vision in terms of economic freedom, innovation and resilience, but we are also reinforcing our commitment to empowering people around the world through decentralized technology,” Ardoino said.
Such a move was expected as cryptocurrency and Bitcoin continues to rise alongside Stubcoin as he won the election in early 2024 along with El Salvador President Naive Bukere, head of Bitcoin-friendly law in Central America. Bukere promised to rebuild the country after securing victory.
Tether to build a new home
Aldoino described El Salvador as Tether’s “new home” and said he would work with local authorities to “empower individuals and businesses through digital currency.” The Stablecoin publisher will also boost its domestic operations, provide financial inclusion to people and promote the adoption of USDT.
Tether also confirmed that moving to a crypto-friendly country can focus on innovation, thrive and bring more products to its users. Establishing a headquarters in a Central American country benefits our competitors.
As Coinspeaker previously reported, digital asset trading platform Bitfinex Derivatives has confirmed that it has also obtained a DASP license on El Salvador. The company operates under the Bitfinex Derivatives El Salvador Sa de de CV and serves local users. In particular, Bitfinex was also the first crypto exchange to secure a DASP registration with El Salvador in April 2021.
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With her financial background and passion for innovation, Anisha has covered the ever-evolving world of cryptography for over four years. Her deep understanding of the crypto market has made her a reliable source of analysis and news. Anisha is dedicated to clarifying the world of digital assets, whether it analyzes the latest trends or decodes white papers.
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