El Salvador seeks to legalize all Cryptocurrencies
Hey Peeps!
El Salvador is once again leading the charge for Crypto Adoption throughout the world.
I came upon news today where El Salvador is currently working on a "Digital Asset Issuance" Law that will essentially legalize all cryptocurrencies for usage.
Some important aspects of this potential law are:
- A registry of Digital Providers will be formed.
- All cryptocurrencies will become legalized.
- Stablecoins and Tokens will be explicitly defined for companies to work with.
- Public Offerings of Digital Assets will be regulated.
- In some instances, full Tax exemption will apply to certain cryptocurrencies.
In my opinion, the most important part of this potential law is that it will exclude transactions with CBDCs, securities, and sovereign assets regulated by foreign laws.
Here is the official document that has been making the rounds on Twitter:
This seems like an amazing move for El Salvador and great news for the Crypto world.
I do wonder if this law could potentially lead to some centralization, as more regulations normally leads to less freedoms.
However, explicitly and clearly defining the laws for Crypto and all Digital Assets, should lead to companies being able to provide a better product and not be held up by legal issues.
It reminds me of Ripple and how the SEC essentially said what Ripple Labs was doing was okay, but later changed their mind and brought a lawsuit against Ripple.
I think with a clearer definition of what is and isn't okay, crypto companies and individual holders will have easier times using crypto with peace of mind.
As always, I am curious about your thoughts on this?
Do you think this is a good or bad move?
See ya!
:)
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STOPCheck out the last post from @hivebuzz:
It's better than harassing the crypto space. But the best way is to leave us alone, touch us not. We don't need their laws. That's the last thing we need in crypto space. Such act of legalization would make crypto projects who don't want to comply illegal, and that is bad.