After obtaining a Digital Asset Service Provider (DASP) license, Tether relocates its operations from the British Virgin Islands to El Salvador.
The issuer of the world’s largest stablecoin, Tether, is relocating its operations to El Salvador following the acquisition of a Digital Asset Service Provider (DASP) license.
Tether’s objective is to align with El Salvador’s progressive regulatory framework and Bitcoin-focused policies by establishing a presence in the Bitcoin-friendly nation.
The company, which has a market capitalization of $137 billion for its USDT stablecoin, has joined Bitfinex Derivatives in relocating operations to El Salvador.
Paolo Ardoino, CEO of Tether, stated in a company press release that this decision is a logical progression for the company, as it enables the construction of a new home, the promotion of collaboration, and the reinforcement of our emphasis on emerging markets.
Ardoino characterized El Salvador as a beacon of digital asset innovation, underscoring its compatibility with Tether’s vision for decentralized technologies.
$530 million is the current value of the nation’s reserves, which consist of 5,750 BTC.
El Salvador has become an appealing location for cryptocurrency companies seeking a favorable operational base due to its Bitcoin-focused policies and supportive regulatory framework.
While expanding its presence in underserved regions, Tether intends to capitalize on El Salvador’s regulatory framework to create innovative solutions.
The organization’s objective is to advance financial inclusion in emergent markets by encouraging the adoption of stablecoins and Bitcoin.
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