El Salvador has approved SpendTheBits’ application to operate as a Bitcoin Service provider in the country.
SpendTheBits (STB), an XRP Ledger-powered cryptocurrency payment company, has officially registered as a Bitcoin service provider in El Salvador.
Crypto Eri, a prominent XRP influencer, tweeted about the development yesterday. She congratulated STB for securing a Bitcoin Service Provider license from El Salvador authorities.
“A most heartfelt congratulations to Jay and the @Spend_The_Bits Team for their official registry of #Bitcoin Service Providers, created as established in Article 3 of the Regulations of the #Bitcoin Law, as one of the requirements to operate in El Salvador,” Crypto Eri noted.
A most heartfelt 🎉congratulations to Jay and the @Spend_The_Bits Team for their official registry of #Bitcoin Service Providers, created as established in Article 3 of the Regulations of the #Bitcoin Law, as one of the requirements to operate in El Salvador. #XRPCommunity… pic.twitter.com/lDuaLsJTGZ
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) August 4, 2023
STB Leverages XRPL For Cheap & Fast BTC Transactions
According to data from the Central Reserve Bank of El Salvador, the license will allow SpendTheBits to offer Bitcoin custodian services, crypto payment processing, digital wallet for BTC, and digital exchange in the country.
Notably, SpendTheBits is a Canada-based cryptocurrency payment firm powered by the XRP Ledger. The company leverages XRPL to address the long delays and high costs of sending and receiving Bitcoin.
STB Supports Ripple Against SEC
SpendTheBits recently won the hearts of XRP community members after it filed an amicus curiae brief in the SEC v. Ripple lawsuit. As reported, STB supported Ripple against the SEC.
In its brief, the firm argued that it decided to register in Canada and not the United States due to the SEC allegations in the case. Recall that the SEC alleged that Ripple violated securities laws by offering XRP as an unregistered security.
STB disclosed in the amicus brief that it plans to expand its operations to El Salvador due to the country’s friendly approach toward crypto. It bears mentioning that El Salvador declared Bitcoin as a legal tender.
Interestingly, El Salvador has finally granted the company’s application to operate as a Bitcoin Service Provider in the country.