EL SALVADOR Law and Practice Contributed by: Héctor Torres, Annette Herrera and Daniel Leiva Torres Legal Contents 1. Overview of Blockchain and Crypto-Assets p.196 1.1 Blockchain p.196 1.2 Crypto-Assets p.199 2. Regulation p.203 2.1 Regulators and International Alignment p.203 2.2 Crypto-Asset Regulatory Frameworks p.204 2.3 Regulated Firms and Legal Wrappers p.204 2.4 Token Issuance p.205 2.5 Market Abuse p.205 2.6 Non-Compliance p.206 3. Licensing and Set-Up Requirements p.207
Guatemala
Honduras
San Salvador El Salvador
3.1 Licensing Requirements p.207 3.2 Set-Up Requirements p.207 3.3 Change of Control p.208 3.4 Passporting p.208 4. Cross-Border Services p.208 4.1 Marketing p.208 4.2 White Labelling p.209 5. Decentralised Finance p.209 5.1 Ability to Use DeFi p.209 5.2 DeFi Structures p.210 5.3 Liability p.210 6. Payments and Stablecoins p.211
6.1 Payments p.211 6.2 Stablecoins p.211 7. Tokenisation and Real-World Assets p.213 7.1 Treatment p.213
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