Among the operating companies, wallets, custodians and payment processors stand out.
Most of the companies that are not operational are custodians of bitcoin.
According to the official registry of the Central Reserve Bank of El Salvador (BCR), only 11% of registered bitcoin (BTC) companies are currently operational.
Of the 161 companies registered Formally before the BCR, only 18 appear with operational supplier status. The remaining, 143 companies, They are reflected with non-operational supplier status.
Among the operating companies, companies that offer bitcoin custody services, as well as wallets and payment gateways, stand out to a large extent. These companies are operational and provide essential services for the adoption and utilization of digital currency in the country.
On the other hand, the majority of registered, but not operational, companies are dedicated to the bitcoin custody service, which could reflect specific challenges in this market segment.
The reason why most of the companies registered with the BCR are not operational has not been determined. It could be due to several factors such as lack of funding, regulatory issues, either even technical difficulties in establishing operations.
El Salvador is a country globally recognized for having adopted BTC as legal tender in 2021. It has legislation that promotes the development of the cryptocurrency sector, including tax incentives and a legal infrastructure that seeks to encourage innovation and use. of these digital technologies.
Although the majority of companies registered with the BCR are not operational, this does not necessarily indicate that there is no movement in the sector of cryptocurrencies in El Salvador. It must be remembered that there is also a registry of digital asset providers carried out by the National Digital Assets Commission of El Salvador (CNAD), which shows that activity in the cryptocurrency ecosystem can continue through other channels.
Recently, it was reported that Tether Limited will move to that country after receiving the license as a service provider company for digital assets, as well as the stablecoin issuer license, as reported by CriptoNoticias. This movement was also notified by the Bitfinex exchange, whose derivatives and securities businesses are registered with the CNAD of El Salvador.
These actions suggest that, despite the low operations of some companies, El Salvador remains an attractive destination for cryptocurrency companies, driven by its favorable regulatory framework and its pioneering position in the adoption of bitcoin.
Thus, although the BCR figures present a panorama of low operation, the cryptocurrency ecosystem in El Salvador shows signs of dynamism and growth in other regulated areas and not necessarily reflected in these specific records. In any case, the current situation could be interpreted as a period of adjustment and development for the industry in this emerging market.
