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CNAD aims to initiate a cross-border regulatory experience with the U.S. Securities and Exchange Commission (SEC). Despite the limited financial infrastructure in El Salvador, the country formally adopted Bitcoin 
$103,430 as legal tender in 2021, prompting CNAD to create a unique regulatory model. This model emphasizes that cryptocurrency assets should not be confined by geographical limitations, and regulatory collaboration should similarly disregard borders.
Cryptocurrency Regulations
CNAD’s goal is to enhance its regulatory approach by leveraging experiences from the SEC. CNAD President Juan Carlos Reyes highlighted the significance of international cooperation in his statements.
Juan Carlos Reyes: “Cryptocurrency assets have no geographical boundaries. Regulatory collaboration should be independent of international barriers.”
In this context, U.S. regulatory bodies are considering establishing a more flexible structure by taking cues from El Salvador’s practices.
Regulatory Experience and Applications
Under the pilot program suggested by CNAD, various scenarios have been proposed. These scenarios include a traditional financial institution obtaining a cryptocurrency license and a CNAD-licensed company offering tokenization presentations on a limited scale.
As the SEC undergoes a process of changing its approach to cryptocurrency asset regulation, CNAD’s recommendations are seen as a crucial reference point. Unlike previous strategies based on traditional finance perspectives, the dynamics of digital technology are now being taken into account. Furthermore, feedback from CNAD will be valued during the data collection phase of the SEC’s cryptocurrency-related initiatives.
To support this process, CNAD has signed regulatory cooperation agreements with countries like Argentina and Paraguay. These developments are viewed as steps taken by international regulators to better understand cryptocurrency technology and improve their applications.
Erica Perkin, a member of CNAD’s advisory group, provided insights on the topic, stating:
Erica Perkin: “CNAD’s flexible framework could be beneficial in areas where the SEC struggles with data collection.”
The collected data will assist U.S. regulators in developing more consistent approaches to the regulation of digital assets.
The pilot applications developed by leveraging CNAD’s experiences may pave the way for similar regulations in other countries in the future. Expectations for mutual benefits in the regulatory domain for both countries are supported by international cooperation and data sharing.
