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Bitget Crypto Exchange Secures Regulatory Approval in El Salvador, Bitget Token Pumps Sharply
In a significant milestone for the cryptocurrency space, Bitget has announced that it has secured regulatory approval from the central bank of El Salvador to provide crypto trading services in the country. The news sent shockwaves through the market, resulting in a sharp pump of the exchange’s native token, $BGB.
For those who may be unaware, Bitget is a popular international digital assets trading platform founded in 2018 with the vision of providing innovative digital assets trading features and user-friendly interfaces. Its services include copy trading, which enables users to replicate the trades of top-performing crypto traders on the platform.
According to sources close to the matter, the approval granted by the central bank allows Bitget to provide Bitcoin-Fiat conversion services, effectively enabling users in El Salvador to buy and sell cryptocurrencies for local currency. This is a significant development, as it marks the first time a major crypto exchange has been granted such an approval in the country.
In response to the news, the price of $BGB surged 9.7% within the hour, indicating strong market enthusiasm for the development.
The move by Bitget into El Salvador comes at a time when the country is aggressively pushing the adoption of Bitcoin as a legal currency. In September 2021, the government under the presidency of Nayib Bukele made history by adopting Bitcoin as an official currency, making it the first country in the world to do so.
As a result, Bitget’s regulatory approval comes at a pivotal moment for both parties. El Salvador is currently holding 6,188 BTC with an unrealised profit of $362.2 million, while the government has also announced plans to transfer 3,048 BTC to a cold storage wallet and store it in a physical vault within the country.
In related news, President Bukele recently announced that a portion of these funds will be stored in what he referred to as the “first Bitcoin piggy bank” in the country. This initiative is expected to promote further Bitcoin adoption and potentially pave the way for other institutions to follow suit.
The significance of Bitget’s regulatory approval cannot be overstated, as it opens up new possibilities for users in El Salvador to participate in the global crypto market. With this approval, users will now have access to a wider range of trading opportunities, increasing the potential for economic growth and financial inclusion.
As the crypto space continues to evolve at an unprecedented pace, news such as this has significant implications for investors and traders alike.
Source: bitcoinik.com
