Qredo, a pioneering decentralised finance (DeFi) company, has acquired a regulatory licence in El Salvador to operate as a Bitcoin service provider. The Central Reserve Bank of El Salvador has given its approval.
El Salvador’s Central Bank has accepted the DeFi platform’s registration as a BTC service provider, according to a statement from Qredo. El Salvador became the first country to approve a Bitcoin law in September of last year, making it the world’s largest cryptocurrency legal tender.
According to Qredo’s registration website, the recently received approval gave the company legal status to provide Bitcoin custody, Bitcoin wallets, payment processing, and digital asset exchange services.
Qredo will be obliged to provide crypto asset services that are compliant with Salvadoran regulations and worldwide best practises. The company will also have to implement risk management techniques to prevent theft and losses. Chivo, Paxful, Paxos Trust Company, and the OpenNode Bitcoin payment processor are among the existing Bitcoin service providers in El Salvador.
“The BCR’s decision opens the door to more possibilities for Qredo in El Salvador and strengthens our footprint in Latin America – a region we feel has enormous potential for digital assets,” says Anthony Foy, CEO of Qredo.
Since the implementation of the BTC law in March, the Salvadoran Chamber of Commerce reported that 14% of businesses in the country have used Bitcoin in transactions. Nayib Bukele, the country’s president, has been a proponent of cryptocurrency projects in the country.
Read more: El Salvador’s govt Bitcoin wallet gets success in its adoption
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