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El Salvador became the world’s first country to accept Bitcoin as its official currency in June 2021. International clients may now legally trade and earn from bitcoins, as well as do business, acquire products and services, invest in bitcoins, and trade and profit from them.
El Salvadorian authorities approved Bitcoin as a valid means of payment in September 2021. This is how El Salvador became the first country in the world to make Bitcoin legal for payment transactions. This implies that if businesses have the technology to accept Bitcoin, it may now be used to pay and repay debts. It’s worth noting that one of the effects of this law reform is that if creditors refuse to accept debt payments in Bitcoin, the debt will be cancelled.
As a result, it is also feasible to register a business that will operate with cryptocurrencies in this state. In El Salvador, obtaining a crypto license for crypto exchanges, cryptocurrency wallets, and crypto exchangers is common.
Although legislation to govern cryptocurrencies is still in its early stages, properly registered corporations are actively executing operations involving virtual assets. It should be mentioned that forming a corporation in El Salvador is not easy; in particular, local regulation has its own quirks; yet, the popularity of cryptocurrencies and the number of transactions using them is growing.
For the time being, foreign investors who want to launch a cryptocurrency company must follow specific financial standards that apply to regulated businesses, most notably the Anti-Money Trafficking Law.
This jurisdiction provides an opportunity for foreign investors to freely spend, conduct business and legally make a profit in cryptocurrency. If you still have questions about obtaining a cryptocurrency license in El Salvador or another jurisdiction you are interested in, contact our specialists for detailed advice or write to us in the CRM form at the bottom of the page, our specialists will answer you online. You can also see our offers in category ready-made companies and licenses for sale.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.