El Salvador witnessed the launch of Bitfinex Securities El Salvador S.A., marking a significant step toward cementing its position as a crypto-friendly hub and becoming the first platform in the country to introduce tokenized securities.
Bitfinex Securities made the official announcement on January 31, 2024, and is now accepting customer applications.
This development comes two and a half years after El Salvador accepted Bitcoin as legal currency. Bitfinex Securities became El Salvador’s first registered and licensed digital asset service provider after receiving approval under the country’s Digital Asset Securities Law, which was enacted last year.
The Digital Asset Securities Law, according to Juan Carlos Reyes, President of the National Commission of Digital Assets (NCDA), is intended to separate digital asset regulation from traditional financial oversight.
The NCDA now oversees and regulates the digital asset ecosystem. Reyes praised Bitfinex Securities for adhering to “regulatory high standards” and demonstrating a “world-class” understanding of compliance.
Bitfinex Securities calls the launch of tokenized securities in El Salvador a “substantial leap for financial innovation in Latin America.”
The firm is already planning, revealing a pipeline of potential issuances that will hit the market throughout the year.
Paolo Ardoino, Chief Technology Officer at Bitfinex Securities, expressed his excitement about being at the forefront of this financial revolution.
Ardoino emphasized El Salvador’s unique position in adopting Bitcoin and developing a Bitcoin-based economy, as well as the country’s potential to attract global investment flows through competitively priced securities offerings.
Bitfinex Securities El Salvador’s announcement comes shortly after the US SEC approved spot Bitcoin Exchange-Traded Funds (ETFs) on January 10.
The successful launch of Bitcoin ETFs in the US last month has raised expectations of increased demand for exposure to other regulated digital asset services, paving the way for a watershed moment in El Salvador’s financial landscape.
