Felix Pinkston
21 November 2024 at 19:50
Bitfinex Securities launches an express onboarding process for residents of El Salvador, simplifying access to tokenized securities under El Salvador's regulatory framework.
Bitfinex Securities El Salvador SA de CV, a regulated platform that facilitates capital raising through the listing of tokenized securities, has launched a fast-track onboarding process for Salvadoran citizens residing in El Salvador. This initiative, announced on November 21, 2024, aims to streamline the process for El Salvador residents to engage in capital raising opportunities and trading activities via Bitfinex Securities' El Salvador-regulated entity, while ensuring compliance with KYC regulatory requirements, according to blog.bitfinex.com.
Facilitating access to financial markets
The new onboarding process requires El Salvador residents to submit only a few basic documents: an official El Salvadoran photo ID, a tax identification number, a biometric photo, a residential address, and a phone number. This simplification is designed to make access to Bitfinex Securities offerings easier.
Jesse Knutson, COO of Bitfinex Securities, stressed the importance of democratizing access to investment opportunities. He noted that El Salvador's policymakers support this principle, which is reinforced by the country's strong regulatory system. Knutson also pointed to the strong number of innovative launches expected in the El Salvador market, with the aim of putting El Salvadorans at the forefront of the list of participants.
Regulatory support and market position
El Salvador's Digital Asset Issuance Law, passed in January 2023, plays a pivotal role in promoting financial innovation and growth within the country. Bitfinex Securities was licensed as a digital asset service provider under this framework in April 2023, making it the first international digital asset platform to achieve this recognition. This partnership with El Salvador's regulatory bodies has paved the way for new issuances and financial opportunities.
About Bitfinex Securities
Founded in 2021, Bitfinex Securities aims to leverage technological advancements in the digital asset industry to revolutionize global capital markets. The platform offers real-time settlement, 24/7 trading capabilities, access to global liquidity, and self-custody support. It operates within regulatory frameworks in both Kazakhstan and El Salvador, and strives to create more efficient and cost-effective interactions between investors and issuers.
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