The El Salvador government has licensed two new cryptocurrency startups after the Bitfinex exchange received approval to operate digital assets in the country.
In this way, the country where Bitcoin (BTC) is legal tender begins a new phase push the idea of bitcoinizing his economy and transform your financial system.
The National Bitcoin Bureau (ONBTC) reported via his Twitter account that the new companies licensed to operate with digital assets are Salvadorian fintech DitoBank and Zap Inc, founded by renowned developer Jack Mallers.
The license was granted by the Digital Assets Commission (DAC) of the Salvadorian government, DitoBank explained in a release published on their website.
The company adds that this approval allows it to offer digital asset services to its clients, including the possibility of Buy, sell and store cryptocurrencies.
The startup defines itself as “the first Salvadorian neobank for the unbanked”.
So for the purpose offer opportunities to the population excluded from the traditional financial systemoffers services using digital wallets, bitcoin scratch cards, BTC backed balances and others as stated in its publication.
The other startup, Zap Inc., was founded by Jack Mallers in 2019 and includes bitcoin payment provider Strike.
The Strike platform integrates various features, including the ability for apps to add sending dollars using the Lightning network, as previously reported by CriptoNoticias.
As mentioned at the beginning of this note, cryptocurrency exchanges Bitfinex was the first company to get the license to operate as a digital asset service provider in Salvadoran territory.
El Salvador wants to distinguish itself as a technology center
El Salvador’s Legislative Assembly passed the Digital Asset Issuance Act earlier this year. And now, along with the bitcoin law that went into effect last year, The smallest country in Central America has the most advanced regulation when it comes to crypto assets.
This regulatory framework for the cryptocurrency sector puts El Salvador in the spotlight Companies that would be looking for friendly territory with digital assetsmeaning the country would continue to attract business.
In fact, the country plans to keep opening its doors to tech-oriented companies, which is why the government has proposed eliminating all taxes on innovation.
The measure will benefit cryptocurrency companies establishing themselves in this country, such as announced it the ONBTC.
The bill to encourage technological innovation and manufacturing will benefit micro, small and large companies in the technology sector.
Some of the benefits will come with exemption from paying income taxes, local taxes, capital gains, paying import duties, and real estate transfers. All this for a period of 15 years, as explained by Economy Minister María Luisa Hayem.
“We hope that in a short time our population will benefit from more jobs and other advantages to be able to start their own businesses,” said the economy minister what was published through local media.
Among the goals the country hopes to achieve with the proposed law is to create opportunities for human talent with technology skills and strengthen supply chains for the development of the technology industry. It is also intentional Position El Salvador as hub Region in Innovation and Technology.