El Salvador’s big bet on Bitcoin has hit a snag: nearly all the crypto firms it registered aren’t actually playing by the rules.
Nearly 90% of Bitcoin (BTC) service providers registered in El Salvador are not operating, according to a recent report by El Mundo, which cited data from the Central Reserve Bank, showing that out of 181 companies officially registered to offer Bitcoin services in the country, 161 are marked as “non-operating.”
That’s about 89% of the total. Only 20 firms are still active. These include the government-backed Chivo Wallet, among others.
El Mundo adds that at least 22 of the inactive providers may have failed to meet the regulatory standards outlined in Article 4 of the Bitcoin Law Regulation, which requires crypto businesses to operate with “high standards of integrity and honesty.” Providers are supposed to have anti-money laundering programs, clear records of assets…
