Tether, a major stablecoin company, is relocating to Bitcoin-friendly El Salvador. Currently based in the British Virgin Islands, Tether announced on Monday that it has obtained a Digital Asset Service Provider license in El Salvador and will be moving all its subsidiaries there. In 2021, El Salvador made Bitcoin legal tender in an effort to encourage its citizens to use the cryptocurrency. The country, under President Nayib Bukele, is also aiming to attract tech entrepreneurs.
Tether Relocates to Bitcoin-Friendly El Salvador
Tether Licensed in El Salvador, Strengthening Focus on Emerging Markets and Innovation 🇸🇻
Read more:https://t.co/IqLsF9jEKH
— Tether (@Tether_to) January 13, 2025
Tether, a leading stablecoin company, is moving its operations to El Salvador, a country that embraces Bitcoin. Currently based in the British Virgin Islands, Tether revealed on Monday that it has received a Digital Asset Service Provider license in El Salvador and will relocate all of its subsidiaries there. In 2021, El Salvador made Bitcoin legal tender to encourage citizens to use it, and under President Nayib Bukele, the country is working to attract tech entrepreneurs.
El Salvador’s Crypto Push Gains Momentum Despite Controversies
Tether’s USDT is a key player in the crypto world, as traders use it to buy and sell without needing banks. However, Tether has been controversial, with regulators investigating the company and even suing it over concerns about transparency regarding the backing of its reserves. The company has said it is willing to undergo an independent audit by a major accounting firm.
El Salvador, known for being Bitcoin-friendly, has transformed from one of the world’s most dangerous places into a growing tech hub for digital nomads. Under President Bukele, the country has used its funds to buy Bitcoin and has largely defeated its notorious street gangs. While many in El Salvador support Bukele’s actions, human rights organizations have criticized him for alleged abuses, including imprisoning 2% of the country’s population in a massive jail.
Despite this, El Salvador’s efforts to attract crypto businesses seem to be paying off. Just last week, crypto exchange Bitfinex announced it would move its derivatives arm to the country.
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