The ONUS legal team has successfully obtained the Bitcoin Service Provider (BSP) license, authorizing the platform to offer Bitcoin-related services in El Salvador. This strategic move aims to expand the market and strengthen ONUS’s legal standing, reinforcing the team’s commitment to building a reputable product that fully complies with regulatory requirements in various countries.
Additionally, ONUS is in the process of obtaining a Digital Asset Service Provider (DASP) license, which will enable the platform to offer services such as exchange, issuance, and e-wallet solutions for Altcoin tokens in El Salvador.
ONUS’s BSP License details
The BSP license allows ONUS to provide Bitcoin-related services to customers in El Salvador as well as globally (excluding countries with specific regulations), under the supervision of the Bank of El Salvador.
Services permitted under the license:
- Bitcoin payment processing and remittances.
- Bitcoin custody solutions.
- Infrastructure development for Bitcoin-based financial services.
Bitcoin is recognized as a legal tender in El Salvador, allowing businesses with a BSP license to seamlessly integrate into the country’s Bitcoin economy, benefiting from regulatory clarity and a supportive ecosystem.
View the License here: ONUS License
Bitcoin operations in El Salvador
El Salvador is the first country to legalize Bitcoin as an official currency under the Bitcoin Law, which took effect on September 7, 2021. Under this regulation, Bitcoin became one of the country’s two legal currencies, alongside the U.S. dollar.
The Salvadoran government permits the use of Bitcoin for payments, transactions, and asset storage. Notably, Bitcoin transactions are exempt from capital gains tax, and all businesses in the country are required to accept Bitcoin as a payment method unless they face technical constraints.
