The El Salvador Nacional Salvador of Digital Activos (CNAD), the agency responsible for regulating digital assets in the Nation of Central American, seeks to establish a cross -border regulatory sandbox with the Securities and Exchange Commission (SEC).
“We want to create an international collaboration,” said Juan Carlos Reyes, president of CNAD, in Coindesk in an interview. “Our biggest message is that digital assets have no geographic barriers. Collaboration with regulators should not have international barriers either. ”
El Salvador is in a unique situation in that it did not boast of strong financial institutions, or even an existing ecosystem of developers, when President Nayib Bukele made a legal Bitcoin in 2021.
Almost two years later, after Reyes took over the agency, the advanced regulatory framework of El Salvador prompted the giants of cryptocurrencies such as Tether, Bitfinex and Binance to Open Shop in the country.
The idea, said Reyes, is that the American sec now uses El Salvador as a live case study to assess the rationalized regulatory approaches for digital assets – in other words, so that the SEC learns from El Salvador’s experience when it reorganizes its own regulatory framework in a post -Thégenensler world.
The pilot program proposed by the CNAD implies various scenarios: a traditional financial broker under American license obtaining a license of digital assets under CNAD regulations and the development of two small -scale tokenization offers facilitated a tokenization company approved by CNAD. Each scenario would be capped at $ 10,000.
These initiatives would support some of the objectives tabled by the SEC Commissioner, Hester Peirce, in February, when she wrote that the working group on dry crypto, which it leads now, would adopt a very different approach to the regulation of cryptography from now on.
“Cnad really looked at [Pierce’s document] With a critical eye on how we can help, “Coindesk Erica Perkin, owner of the law firm Perkin and member of the CNAD advisory group told Coindesk.” We are here. There is data [the SEC] might want to collect. It is difficult to collect in the United States … We have built an agile enough framework to work on the exact problems that the dry examines, and we are there to help and collect information on how we can do the best. »»
The CNAD met the Cry Crypto Working Group on April 22 to discuss the initiative. The meeting was constructive, according to Reyes and Perkin. “They asked good questions,” said Perkin. “They are in an information collection phase. They were engaged and open to discussion. ”
Reyes has already signed regulatory cooperation agreements with countries like Argentina and Paraguay. In its opinion, the SEC seems to be ahead of the curve when it comes to understanding the regulatory needs of digital assets, while regulators in other jurisdictions have tended to see the cryptographic regulations from the point of view of traditional finances.
“The quality of the people who make up the dry crypto working group is quite impressive. They get it. They understand technology,” said Reyes. “We were able to have discussions that were about to know what is necessary to regulate technology … It was very refreshing.”
