El Salvador, which became the first country in the world to recognize bitcoin as a legal tender two years ago, approved on Wednesday a law that would regulate the issuance of other digital assets by both the state and private entities.
The bill, backed by ruling party lawmakers allied with President Nayib Bukele, aims to attract national and foreign investors while creating new financing opportunities for citizens, companies and the government.
"The purpose of this law is to establish the legal framework that grants legal certainty to transfer operations to any title of digital assets used in public issuance offers," according to the legislation. The law also establishes the creation of the National Commission for Digital Assets and the Bitcoin Funds Administration Agency, which will be in charge of managing, safeguarding, and investing the funds from public offerings of digital assets carried out by the government.
It also would not apply to digital assets that by law are legal tender such as bitcoin, in addition to the video game ecosystem or Non-Fungible Tokens.
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