El Salvador Takes a Strategic Leap in Crypto Oversight Through New Regulatory Alliance
Agreement focuses on integrity, efficiency, and prevention of fraudulent activities within the virtual and digital assets sector.
Dr. Roberto E. Silva emphasizes collaboration with CNAD, highlighting El Salvador’s leadership in Bitcoin and digital assets.
Partnership includes sharing expertise, conducting workshops, and fostering innovation in supervision of digital financial services.
The National Securities Commission (CNV) of El Salvador, led by Roberto E. Silva and director Sonia Salvatierra, has partnered with the National Digital Assets Commission (CNAD). This collaboration aims to streamline the oversight and regulation of Virtual and Digital Asset Service Providers (VDASPs).
Continuing with the news in El Salvador by CNF, this new agreement, anchored in the principles of cooperation, reciprocity, and mutual interest, is set to fortify the integrity, efficiency, and financial stability of the regulated entities.
It’s designed to bolster effective regulation and foster an environment that guards against fraudulent practices and other prohibited activities.
Dr. Silva said that:
“we celebrate the signing of this mutual collaboration commitment with CNAD, since El Salvador has shown leadership, not only in the use of bitcoin, but also in the world of digital assets and service providers of the same”
And added that:
“from the CNV, we want to work with them for their valuable experience”.
Highlighting the importance of this collaboration, Dr. Silva expressed enthusiasm about partnering with CNAD, noting El Salvador’s leadership in both Bitcoin utilization and the broader digital asset sphere.
“This partnership is a testament to El Salvador’s pioneering role in the digital economy, and we are eager to leverage their extensive experience,” said Dr. Silva.
The CNV and CNAD share a common goal of protecting investors and facilitating ongoing development and innovation in regulatory and supervisory practices. Part of their collaborative efforts includes exchanging experiences, building capabilities, and participating in educational workshops and events.
Over the past year, the CNV has made significant strides in establishing a registry for VDASPs, engaging with industry representatives, and advancing regulations, which have been put forth for public consultation. This proactive approach underscores El Salvador’s commitment to leading in crypto finance innovation.
Moreover, the CNV’s first engagement with El Salvador’s crypto asset initiatives occurred during a visit by Juan Carlos Reyes in May, highlighting the country’s pioneering adoption of Bitcoin and its efforts to develop digital assets regionally.
Unlike the CNV of Argentina, which regulates only virtual asset service providers and negotiable virtual assets, the CNAD of El Salvador oversees all digital assets and financial instruments.
Additionally, the Financial Supervision Authority and the Central Reserve Bank of El Salvador also regulate Bitcoin, affirming its status as the nation’s official currency.
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The current price of Bitcoin (BTC) is approximately $96,757.70 USD, based on the latest real-time data.
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