According to data from the central bank, only 11% of Bitcoin service providers in El Salvador are functioning under the parameters of the country’s Bitcoin Law.
A report by El Salvador’s central bank indicates that merely 11% of the registered Bitcoin service providers are active.
Out of 181 companies registered, only 20 have satisfied the legal requirements established by the Bitcoin Law, as reported by local news outlet El Mundo.
This law, which recognized Bitcoin as legal tender, mandates firms to implement anti-money laundering protocols and maintain accurate records of assets and liabilities. Additionally, it requires companies to develop cybersecurity programs that are suited to the types of services they provide.
Nonetheless, 89% of the providers have not adhered to these regulations and continue to be non-operational. A few companies, such as the government-supported Chivo Wallet, Crypto Trading & Investment, and Fintech Américas, have successfully conformed to the legal standards.
President Nayib Bukele has reiterated that the government will persist in acquiring Bitcoin, despite the IMF’s recommendation to cease public sector purchases.
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