By: Daniela Noyola
Since the Law of Digital Assets in El Salvador entered into force, established a legal framework that regulates the development and operation of the processes of issuance of digital assets in the country as well as the obligations that the providers of these assets must comply with. According to Art. 2 of the Law, a digital asset is understood as any digital representation that can be stored or transferred electronically. The National Commission of Digital Assets is in charge of keeping control over the suppliers of digital assets through an online registry of the same, as established in Art. 3 of the Regulation of the Bitcoin Law.
The National Commission of Digital Assets recently made a call to encourage both natural and legal persons interested in issuing digital assets, to start the registration process, which can be done through an online form.
The steps consist of accessing the Central Reserve Bank’s web page, completing the forms with the required information, which will be examined by the Institution to verify that the data provided is correct and then requesting the physical documentation to compare with the online information. Finally, the provider will be able to download the voucher establishing its registration in the database.
Within the powers of the National Commission of Digital Assets, is to promote and strengthen the conditions that motivate the development of digital assets in the market, to accept or reject public offerings that are related to the issuance of the same, as well as to examine, monitor and oversee the activities of digital asset service providers.
Likewise, providers may only render and offer such services if they are registered and authorized by the Central Reserve Bank. According to the database of such entity, there are approximately seventy-five registered providers.