Today, Tether announced that it is relocating to El Salvador after acquiring a digital asset services provider (DASP) license. The firm described this move as part of its strategy to drive global Bitcoin adoption.

El Salvador recently accepted IMF incentives to amend its Bitcoin Law, so the company’s move there represents a boost to its status as a crypto hub.

Tether Moves to El Salvador

Tether has established deep ties with the Central American nation in the last few years, but this marks a more comprehensive change. On social media, CEO Paolo Ardoino praised this business move:

“Very excited for Tether group relocating in El Salvador. El Salvador is the beacon of freedom and Nayib Bukele is an inspiring leader driving the country with love, passion and intelligence,” Ardoino claimed.

El Salvador is an attractive location for Tether, as it is one of the world’s most pro-Bitcoin jurisdictions. The stablecoin giant isn’t the only company to consider such a move; as Bitget acquired a similar license last month. However, Bitget is only expanding into the country, while Tether is planning a more complete relocation.

For Tether, this relocation to El Salvador makes sense for several reasons. For one, the company has severely lost ground in Europe after the recent MiCA regulations. MiCA is unlikely to drastically impact the company’s dominance, but it still reduced Tether’s presence in a major crypto market. Latin America, however, could be much riper for new expansion.

Additionally, i

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Author: Landon Manning