[NEWS] Tether, which issues USDT, will move its headquarters to El Salvador and obtain a license

Tether, which issues USDT and other cryptocurrencies, announced plans to relocate its headquarters to El Salvador on the 13th. The timing of the relocation has not been disclosed.

According to the announcement, Tether has obtained licenses in El Salvador as a digital asset service provider (DASP) and stablecoin issuer. This allows it to develop cryptocurrency-related services in the country.

Tether said of the plan, "This is the first step in our efforts to promote the adoption of Bitcoin (BTC) around the world," and continued that the development and implementation of cutting-edge solutions has become more efficient. The reason for the relocation was explained as "to expand our efforts to promote the adoption of Bitcoin and stablecoins in underserved areas and support financial inclusion."

Tether CEO Paolo Ardoino commented that the relocation of the headquarters to El Salvador was "a natural progression." He said the new base will allow the company to foster collaboration and strengthen its focus on emerging markets. "El Salvador is a pioneer in innovation in the digital asset space. Locating here not only aligns us with a country that shares our vision in terms of financial freedom, innovation and resilience, but also strengthens our commitment to empowering people around the world through decentralized technologies."

With Tether relocating its headquarters to El Salvador, other Web 3.0 companies may follow suit. Meanwhile, El Salvador is also seeing changes to its Bitcoin policies, which have been implemented so far, in order to receive loans from the IMF (International Monetary Fund) and other organizations.

For example, the previously mandatory requirement for businesses to accept Bitcoin payments will be abolished, and businesses will be able to choose to introduce Bitcoin voluntarily. In addition, the wallet "Chivo," which is supported by the Salvadoran government, will be gradually scaled down and is expected to be abolished or sold in the future.

Although Bitcoin-related activities are expected to decrease from the beginning, the basic policy, such as daily Bitcoin purchases, is still planned to continue.

Reference: Announcement
Image: Quote from the announcement

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