Tether announces plans to relocate to El Salvador after securing DASP license

Source Cryptopolitan

Tether recently announced plans to relocate its headquarters from the British Virgin Islands to El Salvador with the aim of leveraging the country’s crypto-friendly environment. 

Following the acquisition of a Digital Asset Service Provider (DASP) license, the CEO of Tether, Paolo Ardoino, announced that the company’s headquarters will move from the British Virgin Islands where it was previously incorporated to El Salvador. 

El Salvador’s journey with crypto began in 2021 when it became the first country to adopt Bitcoin as legal tender. President Nayib Bukele chose the digital asset to bolster his country’s economy and enhance financial inclusion, disregarding concerns from traditional financial institutions and even the general populace. 

Tether’s decision to relocate its headquarters to El Salvador is largely due to the supportive and regulatory environment the country provides. 

Tether calls the movers 

El Salvador has embraced blockchain technology and is fast becoming an ideal destination for tech companies looking to build the future of financial systems in a favorable regulatory environment. The increasing regulatory scrutiny of stablecoins in regions like the European Union and the United States has improved the nation’s status as a haven for digital asset firms.

“This decision is a natural progression for Tether as it allows us to build a new home, foster collaboration, and strengthen our focus on emerging markets,” Ardoino said. 

While not all of Tether’s employees will be relocating, as most of them work remotely, the CEO and his fellow managers and co-founders will be packing up their residences and heading southwest. 

The benefits of the move

By establishing its first physical headquarters in El Salvador, Tether now has a role in contributing to the country’s economic development. It will also be a crucial ally for President Bukele in improving the acceptance of cryptocurrencies among the general populace. 

According to a study by Francisco Gavidia University in San Salvador, 7.5% of the El Salvador population actively uses Bitcoin. At one point, the country sat on over $300M from its Bitcoin investments when the leading digital asset crossed the $100,000 milestone. 

The company’s relocation may be the beginning of a wave of cryptocurrency firms looking to operate within more accommodating jurisdictions. Other countries may also be looking at the example of El Salvador as part of their strategy to attract digital asset companies. 

Reuters reports that Tether intends to hire 100 Salvadorans over the next several years, contributing to the local employment scene. 

A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold Price Forecast: XAU/USD retraces gains and nears two-month lows at $4,104Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and resumes its broader bearish trend, with the US Dollar (USD) appreciating across the board, as investors brace for the release of the minutes of the latest Federal Reserve (Fed) meeting.
Author  FXStreet
13 hours ago
Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and resumes its broader bearish trend, with the US Dollar (USD) appreciating across the board, as investors brace for the release of the minutes of the latest Federal Reserve (Fed) meeting.
placeholder
WTI rises to near $89.50 as Middle East supply threats offset Persian Gulf recoveryWest Texas Intermediate (WTI) oil price extends its gains for the second successive day, trading around $89.50 per barrel during the Asian hours on Wednesday. Crude oil climbed as persistent risks to Middle East energy flows overshadowed signs of rising supply from the region.
Author  FXStreet
21 hours ago
West Texas Intermediate (WTI) oil price extends its gains for the second successive day, trading around $89.50 per barrel during the Asian hours on Wednesday. Crude oil climbed as persistent risks to Middle East energy flows overshadowed signs of rising supply from the region.
placeholder
AUD/USD Price Forecast: Struggles to return to 0.7000 amid firm US DollarThe Australian Dollar (AUD) gives back its early gains after rising to near 0.6975 and turns marginally lower at around 0.6964 against the US Dollar (USD) during the European trading session on Tuesday.
Author  FXStreet
Yesterday 08: 58
The Australian Dollar (AUD) gives back its early gains after rising to near 0.6975 and turns marginally lower at around 0.6964 against the US Dollar (USD) during the European trading session on Tuesday.
placeholder
Japanese Yen drifts lower as sustained USD buying offsets intervention fearsThe USD/JPY pair attracts some buyers following the previous day's two-day price moves, trading above the 158.00 mark during the early part of the European session on Tuesday.
Author  FXStreet
Yesterday 07: 53
The USD/JPY pair attracts some buyers following the previous day's two-day price moves, trading above the 158.00 mark during the early part of the European session on Tuesday.
placeholder
Gold holds steady below $4,150 amid elevated US yields Gold price (XAU/USD) trades on a flat note near $4,140 during the early Asian session on Tuesday. Pressure from a stronger US Dollar (USD) and elevated US Treasury yields was offset by reduced expectations of a Federal Reserve (Fed) rate hike this month.
Author  FXStreet
Yesterday 01: 14
Gold price (XAU/USD) trades on a flat note near $4,140 during the early Asian session on Tuesday. Pressure from a stronger US Dollar (USD) and elevated US Treasury yields was offset by reduced expectations of a Federal Reserve (Fed) rate hike this month.
goTop
quote