A new draft bill in El Salvador seeks to tailor the regulatory framework for crypto assets

BlockBeats news, on November 23, Decrypt reported that officials in El Salvador have submitted a Digital Asset Issuance Law to the Legislative Council, calling for a legal framework for the issuance of cryptocurrencies, which would provide a clear legal basis for the transfer of ownership of any digital asset that is publicly issued. It also regulates the rights and obligations of issuers, digital asset service providers and other participants in the public offering process to promote the efficient development of the digital asset market and protect the interests of buyers. The law is novel in that it separates crypto assets from other financial goods and products, thus creating a tailor-made regulatory framework for this new technology. The law does not cover framework transactions with CBDCS, assets that cannot be traded or exchanged, restricted trading assets such as securities, and sovereign assets that are regulated by foreign laws.