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Topic: Tether Moves Operations to Bitcoin-Friendly El Salvador (Read 11 times)

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Tether, which is the leading stablecoin issuer,has been under serious regulatory challenges in Europe particularly with the recent MiCA regulations which have reduced its presence in major crypto market.
Today, 13th January, 2025, Tether announced the relocation of its operations to El Salvador, a country known for embracing Bitcoin as legal tender. This happened after the company acquired a Digital Asset Service Provider (DASP) License, which allows the company to operate legally in the country.

This move aligns with Tether's commitment to supporting Bitcoin-friendly ecosystems and expanding its influence in the crypto space as well as help boost El Salvador’s digital assets infrastructure.

El Salvador's crypto-friendly policies, favorable regulatory environment, and growing Bitcoin-savvy community were major draws for Tether. The company's CEO, Paolo Ardoino, praised El Salvador's "forward-thinking policies" and expressed excitement about collaborating with the government and local businesses to expand financial access and promote stablecoin adoption.

As part of its commitment to El Salvador, Tether plans to support renewable energy projects, such as geothermal power plants, to promote sustainable crypto mining practices. With over $137 billion in USDT in circulation, Tether's presence is expected to further drive cryptocurrency adoption in the region.

Source: Crypto Insider News
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