El Salvador’s central bank accepts Qredo's registration to provide crypto services
Decentralized finance firm Qredo has received approval for registration as a Bitcoin (BTC) service provider in El Salvador.
In a Wednesday announcement, Qredo said the Central Reserve Bank of El Salvador accepted the crypto firm's registration as a recognized Bitcoin service provider as laid out in the country’s Bitcoin Law. According to the registration website, Qredo was authorized to custody BTC, provide Bitcoin wallets, process payments and act as a digital asset exchange.
HOT OFF THE PRESS#ElSalvador's Central Bank has approved Qredo to offer a range of Bitcoin servicesQredo is the country's only #dMPC custody providerSuch an important step in the wider adoption of Qredo infrastructure by local institutionshttps://t.co/Nh0np2Ok0K pic.twitter.com/5YKP3IRGna
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.
A survey from the Salvadoran Chamber of Commerce reported in March suggested that 14% of local businesses had transacted using BTC since the Bitcoin Law went into effect in September 2021. Salvadoran President Nayib Bukele has continued to push crypto-related initiatives in the country including a Bitcoin City backed by $1 billion in BTC
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