Key Takeaways
- Qredo receives authorization as a Bitcoin provider from BCR.
- This status will help boost the advancement of the infrastructure as its application can now be adapted for many purposes.
- It can now offer several services related to cryptocurrency.
El Salvador, the first country to accept Bitcoin as a legal tender, has many Bitcoin service providers like Chivo, kiosks, Paxos Trust Company, Paxul, and OpenNode operating within its administration. Recently, it has accepted the registration of Qredo, “a decentralized digital asset management infrastructure and product suite”, making it the first and one of its kind decentralized custody tech provider in the country.
The news was shared via a press release from Qredo, on May 4, announcing that it has got registered as a bitcoin services provider in accordance with the Banco Central de Reserva de El Salvador (BCR).
Qredo recognizes this status as significant in the wider adoption of its infrastructure and has agreed to work in obedience to the existing regulations. It is willing to adhere to the highest standards of anti-money laundering (AML), and risk management models which include cybersecurity and physical security programs to ensure the prevention of consumers from illicit activities.
This authorization has enabled Qredo to supply Bitcoin custody, along with the “exchange of digital assets, wallet, and payment services.” The application can now be used by financial institutions, investment funds, family offices, liquidity providers, and exchanges within the country.
The CEO of Qredo, Anthony Foy, stated, “We’re delighted to be authorized by El Salvador’s central bank as an official crypto asset service provider. This builds on our earlier successes in El Salvador, including our sponsorship of the region’s first-ever Bitcoin Bankathon. The BCR’s decision opens the door to further opportunity for Qredo in El Salvador, and increases our footprint in Latin America — a region we believe has enormous potential for digital assets.”
