El Salvador approved its first license for QredoNetwork to operate as a Bitcoin service provider. The firm became the first and only company to provide BTC custody in the country.
As a crypto service provider, Qredo said it was required to be in compliance with local laws and international practices around digital assets as well as risk management to prevent losses or theft. Other registered providers in El Salvador include Chivo, the firm behind the state-issued crypto wallets and kiosks — similar to Bitcoin ATMs — as well as Paxos Trust Company, Paxful and Bitcoin payment processor OpenNode.
“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,” said Qredo CEO Anthony Foy.
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