Only 20 of the 181 Bitcoin service providers registered with El Salvador’s central bank are operational, with the rest failing to meet the country’s requirements under its Bitcoin Law.
Local media outlet El Mundo cited data from the Central Reserve Bank of El Salvador, showing that 11% of the service providers are operational. According to the central bank’s database, the rest of the providers are classified as non-operational.
The data showed that at least 22 non-operational providers have failed to meet most of the country’s Bitcoin Law requirements, which mandate that providers implement stringent supervision of their financial systems.
Most of El Salvador’s Bitcoin service providers are non-operational
El Salvador’s Bitcoin Law requires providers to maintain an Anti-Money Laundering (AML) program, keep records that accurately reflect the company’s assets, liabilities and equity and have a tailored cybersecurity program depending on the nature of its