El Salvador has granted approval to SpendTheBits to operate as a Bitcoin Service provider within the country.
The Crypto Shop AIRDROP Is Live, Get 3000 EMT Tokens Free = $30 Join Now
SpendTheBits (STB), a cryptocurrency payment company powered by the XRP Ledger, has successfully registered as a Bitcoin service provider in El Salvador.
Prominent XRP influencer, Crypto Eri, shared the exciting news on Twitter, congratulating STB for obtaining the Bitcoin Service Provider license from El Salvador authorities.
In her tweet, Crypto Eri expressed her heartfelt congratulations to Jay and the STB team for fulfilling the requirements under Article 3 of the Regulations of the Bitcoin Law, allowing them to operate in El Salvador as a recognized Bitcoin service provider.
A most heartfelt 🎉congratulations to Jay and the @Spend_The_Bits Team for their official registry of #Bitcoin Service Providers, created as established in Article 3 of the Regulations of the #Bitcoin Law, as one of the requirements to operate in El Salvador. #XRPCommunity… pic.twitter.com/lDuaLsJTGZ
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) August 4, 2023
STB Uses XRPL for Affordable and Swift BTC Transactions
Based on information from the Central Reserve Bank of El Salvador, the granted license enables SpendTheBits to provide Bitcoin custodian services, handle crypto payment processing, offer a digital wallet for BTC, and operate a digital exchange within the country.
SpendTheBits, a cryptocurrency payment company based in Canada, utilizes the XRP Ledger to tackle the issues of extended delays and high fees associated with sending and receiving Bitcoin. Through this technology, they aim to offer faster and more affordable Bitcoin transactions for their users.
STB Stands with Ripple in Battle Against SEC
SpendTheBits won the support of the XRP community when it filed an amicus curiae brief in the SEC v. Ripple lawsuit, backing Ripple against the SEC’s allegations of violating securities laws by offering XRP as an unregistered security.
In the brief, STB revealed that it chose to register in Canada rather than the United States due to the SEC’s claims. The company expressed plans to expand its operations to El Salvador, given the country’s crypto-friendly approach and recent declaration of Bitcoin as legal tender.
The good news for STB is that El Salvador has now approved its application to operate as a Bitcoin Service Provider in the country, paving the way for the company’s operations in this crypto-friendly nation.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News and Threads App
