El Salvador approves the Digital Asset Issuance Law and establishes the National Digital Asset Commission

ChainCatcher news, the Salvadoran parliament has approved a law regarding the issuance of digital assets, establishing a legal framework for all digital assets except Bitcoin, thereby allowing El Salvador to publicly issue and transfer digital assets, which is expected to lay the legal foundation for its Bitcoin bond issuance. Additionally, the legislation establishes a National Digital Asset Commission, responsible for applying securities laws to protect the rights of Salvadoran digital asset purchasers and issuers, and to prevent fraudsters from operating in El Salvador.

Digital asset service providers in El Salvador must complete a registration process and comply with several rules under the proposed law, including providing a list of the digital assets they plan to offer, which must cover their "benefits, limitations, and scope." They must also demonstrate cybersecurity precautions and customer service capabilities, and provide the names and titles of company employees. Furthermore, digital asset issuers must comply with certain rules, such as disclosing information about the jurisdiction or country in which they operate. (source link)