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Stablecoin Giant Tether Gets DASP License: Going to This Country!

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Tether, the company that issued the world’s largest stablecoin by market capitalization, has successfully obtained its Digital Asset Service Provider (DASP) license. Following this, it is about to complete all formalities to move to El Salvador.

Tether has received its DASP License, now on its way to El Salvador!

As you have been following on Kriptokoin.com, the cryptocurrency market is trading in a volatile atmosphere. However, the crypto world is rapidly moving towards adoption. Tether, the leading stablecoin issuer, has successfully obtained the Binding Digital Asset Service Provider (DASP) license. Thus, Tether said it is “about to complete all formalities” required to move to El Salvador. In a statement on Monday, Tether said:

El Salvador is fast becoming a global hub for digital assets and technology innovation. With its forward-thinking policies, favorable regulatory environment and growing community of Bitcoin enthusiasts, the country has become an ideal location for companies leading the digital finance revolution.

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El Salvador is becoming a center of attraction for the crypto world!

The news comes a week after Bitfinex Derivatives announced that it will move its operations to El Salvador after receiving a DASP license. El Salvador became the first country to accept Bitcoin as legal tender in 2021. According to a Financial Times report in December, the country plans to ease a policy requiring businesses to accept Bitcoin as legal tender as part of an agreement with the IMF.

El Salvador has 5,750 Bitcoins as of May 2024. That’s worth about $530 million at the time of writing. Tether’s stablecoin USDT has a market capitalization of $137 billion, according to the latest data. Tether, which issues the world’s largest stablecoin by market capitalization, said its move to El Salvador positions it to further scale its efforts to support financial inclusion by leveraging Bitcoin and stablecoin adoption in underserved areas. Paolo Ardoino, CEO of the company, made the following statement:

This decision is a natural progression for Tether as it allows us to build a new home, enhance 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 ourselves with a country that shares our vision in terms of financial freedom, innovation and resilience, but also reinforcing our commitment to empowering people around the world through decentralized technologies.

Stablecoin Giant Tether Gets DASP License: Going to This Country!
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