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Digital Assets Act Creates Bitcoin Regulating Authority

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bitcoin digital asset

bitcoin digital asset

The Digital Assets Issuance Law, proposed by the Ministry of Economy to the Legislative Assembly, aims to regulate crypto-asset transactions within the territory of El Salvador and to create a national agency to manage funds from digital asset transactions conducted by the State of El Salvador. .

The National Digital Assets Commission will activate or approve the public offering of digital assets after a verifier approved by the same commission concludes that the public offering of these cryptoactive or digital assets is viable.

It also approves digital asset service providers (exchanges) and issuers of digital asset offerings.

The Board of Directors of the National Digital Assets Board shall consist of the Designated Owners and their representatives by the President of the Republic. Designated Owners and their representatives appointed by the Office of Commercial Investment of the Office of the President of the Republic.Designated owner designated by the Ministry of Economy, Trade and Industry and its agent

The Commission may form joint stock, mixed or other types of companies to make favorable investments and enter into contracts with natural or legal persons, public or private, domestic or foreign.

State agency for bitcoin funds.

The regulation also creates a Bitcoin Fund Management Authority (AAB) to manage cryptocurrency public offerings of state or autonomous state agencies and invest the proceeds from those offerings.

The AAB is directed by a manager appointed by the President of the Republic for five years and charges a maximum 0.5% fund management fee. The agency must “constantly analyze new investment opportunities” and “seek to minimize risk” when investing, the project said.

control and fines.

Digital asset service providers, digital asset public offering certifiers, and public offering issuers can be fined 306 to 1,200 minimum wages ($111,690 to $438,000) in the trading and services sector. Relevant information documents that issuers must submit when making public offerings for digital assets.

In addition, if the National Digital Assets Board does not approve the issuer, a fine of up to 1% of the public offering price may be imposed. Fines may be reduced by 75% if the violation is corrected within the first 5 days of deployment.

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The initiative was announced by Minister of Economy Maria Luisa Hayem at 2:52 pm on November 17th. And passed to the study of the Economic Commission.

They put scissors in programs and drugs

The government seeks approval of legislation to regulate cryptocurrency trading and to control service providers, exchanges or exchanges, and issuers of public offerings of digital assets. Issuers and providers approved by government committees enjoy tax incentives but pay a fee.

1.- Public Offering of Digital Assets
Existing digital assets can be created to build new assets, such as tokens, to generate revenue, use on specific platforms, or the original asset. Issuers must prepare a “Relevant Information Document” certified by an entity authorized by the National Commission of Digital Assets.

2.- A government committee approves the offer
The National Digital Assets Board will enable the purchase, sale or public offering of debt of digital assets. The issuer of the offer must explain how the funds will be held. A certification body approved by the Commission itself (a fee must be paid to the Commission) will assess the feasibility of the offer.

3.- Digital Provider: Mandatory Registration
The Registry is administered by the National Commission of Digital Assets. Foreigners must create a public limited company registered with the State Registration Center. Suppliers must implement systems that “maintain a safe, high level of quality and cybersecurity” and have systems in place to detect money laundering and terrorist financing risks.

4.- Prohibition of opinions in the media
Issuers and service providers of digital assets may refrain from “using access to the You should refrain from “getting Communicated the nature of the business and its benefits.”

5.- Suppliers may act on behalf of third parties
The bill would allow providers to transmit assets on behalf of or for third parties to transfer, store, purchase or sell assets.

Source: Diario Elmundo

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