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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Dare to trade. Dare to win.
El Salvador allows investment banks to hold Bitcoin and can provide encryption services to mature investors.
[Chain News] PANews, August 10, reports that Juan Carlos Reyes, the chairman of the El Salvador Digital Assets Commission (CNAD), stated that investment banks are now allowed to hold Bitcoin and other digital assets on their balance sheets and provide Crypto Assets services to "mature" investors (equivalent to accredited investors in the United States). CNAD is the cryptocurrency regulatory agency of the El Salvador government.
"The new Investment Banking Law allows private investment banks to provide services to 'mature investors' in legal tender and foreign currencies, and permits them to hold digital asset service provider (PSAD) licenses to engage in businesses involving digital assets such as Bitcoin. Banks holding a PSAD license can choose to operate entirely as Bitcoin banks."
Supporters of the new law state that it encourages foreign investment in El Salvador and positions it as an emerging financial center.
Previously, it was reported that El Salvador plans to establish the world's first Bitcoin bank.