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After making headlines last year as the first country to adopt Bitcoin (BTC) its legal tender, El Salvador is moving ahead with its plans to further integrate the crypto into its economy. The country’s central bank recently approved a registration filed by a decentralized finance (DeFi) firm to operate as a registered Bitcoin services provider.
“Qredo has reached another milestone in the ongoing bitcoinization of El Salvador, becoming a registered bitcoin services provider as defined by the Banco Central de Reserva de El Salvador (BCR),” Qredo said in an announcement on Wednesday.
The designation of being an officially recognized Bitcoin Service provider was laid out in the country’s Bitcoin Law. It is the same law that also gave BTC legal tender status in the country. Qredo added that it is the first and only decentralized custody tech provider operating in the country.
With its newly acquired service provider status, Qredo is required to comply with local and international anti-money laundering practices. The firm will also need to implement risk management such as cybersecurity and physical security practices to prevent theft or losses.
BCR’s recognition of Qredo as a registered Bitcoin services provider will also allow the firm to start offering BTC custodian services, wallets, payment services and act as a crypto exchange. It also enables financial institutions, family offices, exchanges, and investment funds to use Qredo’s infrastructure.
“We’re delighted to be authorized by El Salvador’s central bank as an official cryptoasset service provider,” Qredo CEO Anthony Foy said. “This builds on our earlier successes in El Salvador, including our sponsorship of the region’s first-ever Bitcoin Bankathon. The BCR’s decision opens the door to further opportunity for Qredo in El Salvador, and increases our footprint in Latin America — a region we believe has enormous potential for digital assets.”
