El Salvador A committee within the Legislative Assembly cryptocurrency It is considering a long-awaited law aimed at regulating service providers and issuers.
El Salvador Lawmakers to Evaluate Regulation for the Issuance of Cryptocurrencies
The said “digital asset issuance law” will create a legal framework for companies offering digital assets in El Salvador and create a national commission tasked with overseeing their certification and operations.
The proposed digital asset law is currently in the Legislature’s economics committee, according to a document confirmed by the release of a plenary session on November 22.
According to the text, the new law “aims at promoting the efficient development of the digital asset market and protecting the interests of the acquirers”.
It is significant as it refers broadly to digital assets rather than narrowly focusing on Bitcoin, which El Salvador adopted as its legal currency in September 2021.
However, this last proposal cryptocurrency It focuses on providing standards for making digital assets available to the public, rather than making their units legal tender.
El Salvador’s President Nayib Bukele said in February that the government is working on 52 reforms of securities laws, tax incentives and other items.
Meanwhile, Tether and Bitfinex Chief Technology Officer Paolo Ardoino said the government of El Salvador is working on a method for issuing licenses to companies offering digital assets.
Bitfinex Securities said it plans to apply for a license so that the Bitcoin bond issuer can raise funds through its platform, but is still waiting for the legal framework to be completed.
“Digital securities law will make El Salvador the financial center of Central and South America,” Ardoino tweeted.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!