The Securities and Exchange Commission met with officials from El Salvador’s National Commission on Digital Assets on Tuesday to collaborate on cryptocurrency regulation across borders.
What Happened: According to a memo dated April 22, representatives from Perkin Law Firm, LLC, and Heather Shemilt, a retired Goldman Sachs partner, also attended the meeting, the focal point of which was to discuss a proposed cross-border regulatory sandbox.
As part of a pilot program, a U.S.-licensed broker will get a digital asset license to operate in El Salvador to conduct a small-scale real estate tokenization trial in collaboration with a local company. The other scenario includes a small company raising up to $10,000 through tokenized shares in partnership with a U.S.-licensed broker.
The initiative sought to compare El Salvador’s “streamlined” approach to U.S. frameworks and identify efficiencies and gaps.
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The National Commission of Digital Assets is the regulatory entity in charge of El Salvador’s digital asset ecosystem. Over the years, the administration, led by Nayib Bukele, has concentrated efforts on becoming a global hub for digital assets, with initiatives like adopting Bitcoin BTC/USD as legal tender and building a proposed “Bitcoin City.”
On the other side, the SEC, under President Donald Trump, established a dedicated cryptocurrency task force earlier this year to clear a regulatory framework for entities linked to the digital assets industry.
Photo Courtesy: esfera via Shutterstock.com
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