{"id":34676,"date":"2024-11-19T00:00:22","date_gmt":"2024-11-19T06:00:22","guid":{"rendered":"https:\/\/garciabodan.com\/?p=34676"},"modified":"2025-09-05T12:07:40","modified_gmt":"2025-09-05T18:07:40","slug":"amendments-to-the-digital-assets-law-of-el-salvador-changes-to-regulate-bitcoin-and-prevent-money-laundering","status":"publish","type":"post","link":"https:\/\/garciabodan.com\/en\/amendments-to-the-digital-assets-law-of-el-salvador-changes-to-regulate-bitcoin-and-prevent-money-laundering\/","title":{"rendered":"Amendments to the digital assets law of El Salvador: Changes to regulate bitcoin and prevent money laundering"},"content":{"rendered":"

The Legislative Assembly of El Salvador has approved a set of reforms to the Digital Assets Law that incorporates conduct rules for Bitcoin service providers.<\/span>\u00a0<\/span><\/p>\r\n

This amedment aims to strengthen the digital asset ecosystem in the country and provide a clearer structure for regulating Bitcoin Service Providers (PSB)<\/strong> and Digital Asset Service Providers (PSAD).<\/strong><\/span>\u00a0<\/strong><\/p>\r\n

One of the main changes is the expansion of the powers of the National Digital Assets Commission (CNAD<\/strong>). This entity will become the sole body responsible for regulating and supervising the entire digital asset industry, including tokens and stablecoins, excluding the Central Reserve Bank (BCR<\/strong>) and the Superintendence of the Financial System (SSF<\/strong>). The CNAD<\/strong> will have the authority to require PSADs<\/strong> and PSBs<\/strong> to increase their capital, thereby promoting financial stability within the sector.<\/span>\u00a0<\/span><\/p>\r\n

Additionally, the reform establishes that PSBs<\/strong> and PSADs<\/strong> must be exclusively registered legal entities with the Commercial Registry, either as foreign branches or corporations, excluding other types of companies such as simplified stock companies (SAS<\/strong>).<\/span>\u00a0<\/span><\/p>\r\n

Regarding territoriality, the registration of PSADs<\/strong> will allow them to offer services solely within the jurisdiction of El Salvador, leaving each jurisdiction responsible for its own regulations if they wish to operate in other territories.<\/span>\u00a0<\/span><\/p>\r\n

New Compliance Measures and Programs<\/span><\/b>\u00a0<\/span><\/p>\r\n

The reform also places a strong emphasis on implementing anti-money laundering and asset security programs. PSBs will be required to develop robust policies to protect both their clients’ assets and personal information, including:<\/span>\u00a0<\/span><\/p>\r\n