El Salvador has formed a collaborative agreement with Argentina aimed at bolstering the digital asset industries in both nations. The Bitcoin-friendly nation is also exploring similar partnerships with over 25 other countries.
On December 11, Juan Carlos Reyes, the head of El Salvador’s National Commission of Digital Assets (NCDA), announced the partnership with Roberto Silva, president of Argentina’s National Securities Commission (CNV).
The primary goal of this agreement is to promote the growth of digital asset industries in both El Salvador and Argentina.
In a statement to DexStory, Reyes highlighted the synergy between Argentina’s cutting-edge blockchain sector and El Salvador’s advanced technological expertise, which he believes will foster “a highly productive partnership.”
Reyes emphasized El Salvador’s leadership in digital asset regulation, noting the country’s three-year head start compared to most others. He said,
“One of the key benefits of this collaboration is the exchange of information, especially as we already have Argentine companies registered in El Salvador.”
The partnership aims to refine El Salvador’s regulatory framework and deepen its understanding of the digital assets market. Furthermore, Reyes revealed ongoing discussions with more than 25 countries for similar crypto-related collaborations:
“We are actively negotiating with multiple nations and expect more agreements soon. Our approach as regulators is somewhat unconventional since we do not operate as a traditional central bank or legacy institution, which has caused some delays in aligning with others’ frameworks.”
Reyes also stressed the importance of promptly establishing regulatory measures and adhering to Financial Action Task Force (FATF) guidelines, sending a strong message to global regulators:
“The longer you delay, the harder it becomes to implement robust regulations, increasing the likelihood of scams and money laundering infiltrating the industry.”
Saleem Khan