El Salvadorhas officially passed a law that creates a legal framework for all cryptocurrencies in the country. With this law, the country continues the widespread adoption of digital assets. The news was shared by the National Bitcoin Office of El Salvador (ONBTC), which stated that the law was passed today.
In the announcement, the country’sbitcoin It is stated that it constitutes an important turning point by creating a legal framework for all digital assets (crypto) except It also states that the implementation of this legislation “paves the way for volcano bonds,” which are reportedly to begin issuing soon.
Today El Salvador builds on our first-mover advantage by passing landmark legislation establishing a legal framework for all digital assets that are not bitcoin. As well as those issued on bitcoin.
The law also paves the way for volcano bonds which we will soon begin issuing.NEWS CONTINUES BELOW
— The Bitcoin Office (@bitcoinofficesv) January 11, 2023
Important Crypto Move From El Salvador
Known for its commitment to the growth and adoption of digital assets, Bitcoin was already legally accepted in El Salvador. With the passing of the new law cryptocurrency It also made a commitment to increase its adoption.
In addition, ONBTC commented that the adoption of this digital securities law “offers unprecedented consumer protection against bad actors in the ‘crypto industry’, while also making it clear that we are open for business to anyone who wants to build the future with us on Bitcoin.”
The legislation was described in ONBTC’s tweets as the “National Digital Assets Commission”. This new commission is defined by legislation as “a regulatory body responsible for enforcing securities law and protecting the struggles of issuers as well as crypto buyers in El Salvador and preventing fraudsters from operating there.”