The Commission of El Salvador Nacional de Digital Assets (CNAD), the agency in charge of the regulation of digital assets in the Central American nation, seeks to establish a cross -border regulatory box with the United States Stock Exchange and Securities Commission (SEC).
“We want to create an international collaboration,” said Juan Carlos Reyes, president of the CNAD, Coindesk in an interview. “Our biggest message is that digital assets do not have geographical barriers. Collaboration with regulators should not have international barriers.”
El Salvador is in a unique situation, since he did not boast of strong financial institutions, or even an existing developer ecosystem, when President Nayib Bukele made a legal course of Bitcoin in 2021. That means that the CNAD could start with a blank blackboard when he introduced a regulatory frame adapted to Crypto.
Almost two years later, after Reyes took over the agency, the advanced regulatory framework of El Salvador has encouraged cryptographic giants such as Tether, Bitfinex and Binance to open a store in the country.
The idea, said Reyes, is that the SEC of the USA. UU. Now use El Salvador as a live case study of the real world to evaluate simplified regulatory approaches for digital assets, in other words, so that the SEC learns from the experience of El Salvador as it renews its own regulatory framework in a world after the Mexican.
The pilot program proposed by the CNAD implies different scenarios: a traditional American license corridor obtained by a digital asset license under the CNAD regulations and the development of two small -scale tokenization offers provided by a CNAD license tokenization company. Each scenario would be limited to $ 10,000.
These initiatives would support some of the objectives established by the SEC Commissioner, Hester Peirce, in February, when he wrote that the Crypto Task Force of the SEC, which he now leads, would adopt a very different approach towards cryptographic regulation from now on.
“Cnad really looked [Pierce’s document] With a critical eye on how we can help, “said Erica Perkin, owner of the Perkin law firm and member of the CNAD advisory group, Coindesk.” We are here. There are data [the SEC] I could want to collect. It is difficult to collect in the US.
The CNAD met with the Crypto Task Force of the SEC on April 22 to discuss the initiative. The meeting was constructive, according to Reyes and Perkin. “They asked good questions,” Perkin said. “They are in a phase of information collection. They were committed and open to the discussion.”
Reyes has already signed regulatory cooperation agreements with countries such as Argentina and Paraguay. In his 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 cryptographic regulation from a traditional financial perspective.
“The quality of the people who make up the SEC cryptographic working group is quite impressive. They understand it. They understand technology,” Reyes said. “We could have discussions that were at the point of what is needed to regulate technology … it was very refreshing.”
