A report from El Salvador’s central bank shows that only 11% of registered Bitcoin service providers are currently operational.

Out of 181 companies listed, just 20 meet the country’s legal standards set under its Bitcoin Law, according to local outlet El Mundo.

The law, which made Bitcoin legal tender, requires firms to implement anti-money laundering measures and record assets and liabilities accurately. It also mandates that companies establish cybersecurity programmes tailored to the nature of their services.

However, 89% of providers have failed to comply with these rules and remain non-operational. Some companies, including the government-backed Chivo Wallet, Crypto Trading & Investment, and Fintech Américas, have managed to meet the legal criteria.

President Nayib Bukele has insisted the government will continue buying Bitcoin despite the IMF’s request to halt public sector purchases.

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