- Tether has acquired a DASP license in El Salvador
- This is another contribution to the crypto industry’s move to El Salvador
Tether, the issuer of the USDT stablecoin, has successfully acquired a Digital Asset Service Provider (DASP) license and joined the relocation to El Salvador. This is not the first company to be attracted by El Salvador’s unambiguous Bitcoin purchasing and mining and favorable crypto regulation.
More About Tether’s Move to El Salvador
As recent regulations in Europe have moved the USDT, the company’s expected response is to look for states with favorable crypto regulation and a sustainable crypto strategy. The “natural” choice is El Salvador, which just recently became a new relocation for Bitfinex, and now Tether is doing its part to potentially make it one of the world’s crypto centers.
As stated by Paolo Ardoino, CEO of Tether:
“This decision is a natural progression for Tether as it allows us to build a new home, foster collaboration, and strengthen our focus on emerging markets. El Salvador represents a beacon of innovation in the digital assets space. By rooting ourselves here, we are not only aligning with a country that shares our vision in terms of financial freedom, innovation, and resilience but is also reinforcing our commitment to empowering people worldwide through decentralized technologies.”
Key points that Tether highlighted as drivers of its solution:
- Encouraging Bitcoin Adoption: El Salvador’s Bitcoin-first economy aligns seamlessly with Tether’s mission to empower individuals and businesses through digital currency.
- Expanding Emerging Market Focus: Tether’s move to El Salvador positions it to further scale its efforts in supporting financial inclusion leveraging Bitcoin and stablecoin adoption in underserved regions.
- Freedom to Innovate: The move enhances Tether’s flexibility to explore groundbreaking solutions in a supportive regulatory and business environment.
- Securing Licensing Approval: Tether is proud to establish a headquarters for the entire group, positioning Tether within a forward-looking jurisdiction that embraces innovation and supports its long-term vision.
Conclusion
It is too early to say that El Salvador is becoming a global center for cryptocurrencies, but for several years, they have been making very definite, consistent, and one could even say uncompromising moves.
Also, it is too early to talk about a mass move of crypto companies to El Salvador, but the entry of key players like Bitfinex and then Tether could also set some waves that are worth watching closely.
Be aware and stay tuned.
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