Decentralized finance entity Qredo has reportedly obtained the greenlight to register as a Bitcoin (BTC) service provider in El Salvador.

Specifically, Qredo reportedly revealed that the Central Reserve Bank of El Salvador gave the nod to the crypto company’s registration as a recognized Bitcoin service provider, as detailed in the country’s Bitcoin Law.

Per the registration web page, Qredo reportedly received the authorization to custody BTC, offer Bitcoin wallets, process payments and function as a digital asset exchange.

As a crypto service provider, Qredo reportedly revealed that it is mandatory for the entity to stay compliant with regulations in the region as well as global practices surrounding virtual assets, together with risk management to prevent losses or theft.

Other registered providers in El Salvador include Chivo, the company that built the state-issued crypto wallets and kiosks – the same as Bitcoin ATMs – together with Paxos Trust Company, Paxful and Bitcoin payment processor OpenNode.

“The BCR’s decision opens the door to further opportunity for Qredo in El Salvador, and increases our footprint in Latin America — a region we believe has enormous potential for digital assets” Qredo CEO Anthony Foy.

A survey conducted by the Salvadoran Chamber of Commerce in March reportedly revealed that 14% of local businesses had transacted using BTC since the Bitcoin Law was officially enacted in September last year.

Salvadoran President Nayib Bukele has been putting in efforts to fast-track crypto-associated projects in the nation, including a Bitcoin City backed by $1 billion in BTC bonds, using geothermal energy from volcanoes to mine crypto and announcing major buys on social media. As of January, the head of state had purchased 1,801 BTC.