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El Salvador adopted Bitcoin as legal tender in 2021.
The Bitcoin Law It is relatively simple and establishes Bitcoin as legal tender. However, the
regulation later introduces specific requirements for companies offering Bitcoin-related services
Requirements for Bitcoin Service Companies in El Salvador
Companies that provide Bitcoin-related services, such as exchanges, currency exchanges, e-wallet services, or ATMs, must register with the Central Reserve Bank (BCR) before beginning operations. This process is relatively simple, but there are several aspects to keep in mind.
1- Process of registering a company in El Salvador:
Registration with the Central Reserve Bank is a simple process. There are no special requirements prior to establishing a company that will provide Bitcoin-related services in El Salvador.
2- Technical Contact
Companies must have a technical contact person who resides permanently in El Salvador.
Compliance with the Anti-Money Laundering Law:
Companies must have a certified compliance officer and a deputy.
UIF Regulations:
They must comply with all regulations established by the Financial Investigation Unit, including money laundering prevention policies and an annual training and work plan for the Compliance Officer.
Regulation of Other Cryptocurrencies
Starting in 2023, the National Digital Assets Commission was created. This commission regulates and supervises companies that provide services related to cryptocurrencies other than Bitcoin.
