Por: Daniela Noyola

On January 11, the Legislative Assembly approved the draft of the Law of Issuance of Digital Assets, which has as its main objective “to establish the legal framework that provides legal certainty to transfer operations to any title of digital assets used in public offerings issues made in the territory of El Salvador”.

While it is true that bitcoin has been considered a legal tender in our country for a year, until a few days ago there was no regulation that was responsible for regulating the transfers of these assets.

With the entry into force of the aforementioned Law, it is intended to seek the appropriate mechanisms that allow the public and private sector to make public offerings of digital assets in order to promote their development to investors engaged in this area.

Likewise, it is established that the creation of a Bitcoin Funds Administration Agency, which is related to the Executive Branch through the Ministry of Economy, being one of its main functions the administration, safeguard and investment of the funds that come from the transfer or exchange of the public offerings of digital assets.

The draft law is in the process of publication, so it is expected to enter into force in the next few days.