Bitfinex Securities Introduces Express Onboarding for Salvadoran Residents
Felix Pinkston Nov 21, 2024 19:50
Bitfinex Securities launches express onboarding for Salvadoran residents, simplifying access to tokenized securities under El Salvador's regulatory framework.
Bitfinex Securities El Salvador S.A. de C.V., a regulated platform that facilitates capital raising through the listing of tokenized securities, has launched an express onboarding process for Salvadoran citizens residing in El Salvador. This initiative, announced on November 21, 2024, aims to streamline the process for Salvadoran residents to engage in capital raising opportunities and trading activities via Bitfinex Securities' El Salvador-regulated entity, while ensuring adherence to regulatory KYC requirements, according to blog.bitfinex.com.
Facilitating Access to Financial Markets
The new onboarding process requires Salvadoran residents to provide only a few key documents: an official El Salvador photo ID, a tax ID number, a biometric photo, a residence address, and a phone number. This simplification is designed to facilitate easier access to Bitfinex Securities' offerings.
Jesse Knutson, Head of Operations at Bitfinex Securities, emphasized the importance of democratizing access to investment opportunities. He noted that El Salvador's policymakers support this principle, which is bolstered by the country's robust regulatory regime. Knutson further remarked on the strong pipeline of innovative issuances anticipated in the El Salvador market, aiming to position Salvadoran residents as first in line to participate.
Regulatory Support and Market Position
El Salvador's Digital Asset Issuance Law, enacted in January 2023, plays a pivotal role in fostering financial innovation and growth within the country. Bitfinex Securities was licensed as a Digital Asset Service Provider under this framework in April 2023, marking it as the first international digital asset platform to achieve such recognition. This partnership with El Salvador's regulators has paved the way for new issuances and financial opportunities.
About Bitfinex Securities
Founded in 2021, Bitfinex Securities aims to leverage the technological advancements of the digital asset industry to revolutionize global capital markets. The platform offers real-time settlement, 24/7 trading capabilities, access to global liquidity, and support for self-custody. It operates under regulatory frameworks in both Kazakhstan and El Salvador, striving to create more efficient and cost-effective interactions between investors and issuers.
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