Bitcoin investment banks coming to El Salvador — Gov regulator
The new law will allow investment banks, which can underwrite companies, issue securities, and are institutionally focused, to hold BTC.
Regulated Bitcoin (BTC) investment banks are coming to El Salvador, following Thursday’s approval of El Salvador’s Investment Banking Law, which classifies investment banks under different regulations than commercial banks.
Investment banks will now be allowed to hold BTC and other digital assets on their balance sheets and offer crypto services to “sophisticated” investors, the equivalent of accredited investors in the United States, Juan Carlos Reyes, president of El Salvador’s Commission of Digital Assets (CNAD), the government’s crypto regulatory agency, told Cointelegraph. He added:
The law encourages foreign investment in El Salvador and positions it as an emerging hub for finance, proponents of the newly adopted law say.