El Salvador continues to adopt digital assets broadly even as it recently approved a law creating a regulatory framework for all cryptocurrencies. The National Bitcoin Office of El Salvador (ONBTC) announced the news, revealing that the law had been passed on Thursday.
The announcement specifically states, “the county has built on its first-mover advantage by passing landmark legislation establishing a legal framework for all digital assets that are not bitcoin.”
It further states that the implementation of this legislation paves the way for volcano bonds, which will reportedly begin to be issued soon.
In the country, well known for its commitment to the growth and adoption of digital assets, Bitcoin is already legal tender. Now, a commitment to wider cryptocurrency adoption in the country has a path forward due to the passing of this brand-new law.
Additionally, the ONBTC stated that the passing of this digital securities law offers unprecedented consumer protection from bad actors in the crypto space while also firmly establishing that we are open for business to all those who wish to build the future with us on bitcoin.
Additionally, the law establishes what the ONBTC refers to in a series of Tweets as the “National Digital Assets Commission.”
This new commission is defined by the legislation as a regulating agency in charge of applying the securities law and protecting the fights of digital asset purchasers as well as issuers in El Salvador, and of deterring fraudsters from operating here.
Conclusively, the statement ends by assuring the law plants another flag in history for El Salvador. Where there is a clear and consistent commitment to not only widening the usage and adoption of digital assets but protecting those who do.