El Salvador has signed a regulatory agreement on cryptocurrencies with Paraguay, marking its second deal in three months. The collaboration involves the CNAD and SEPRELAD to regulate the crypto sector and improve anti-money laundering efforts. El Salvador aims to share its regulatory expertise with other nations and strengthen its international presence in the cryptocurrency industry.
El Salvador has formalized a regulatory agreement pertaining to cryptocurrencies with Paraguay, marking its second such partnership in three months. This agreement aims to enhance collaboration between El Salvador’s Comisión Nacional de Activos Digitales (CNAD) and Paraguay’s Secretaría de Prevención de Lavado de Dinero o Bienes (SEPRELAD) to advance crypto sector regulations.
The newly established Memorandum of Understanding (MOU) enables the two institutions to jointly tackle unlicensed crypto operations in Paraguay while also bolstering anti-money laundering initiatives. CNAD President Juan Carlos Reyes expressed optimism about strengthening international ties for a transparent financial future through this cooperation.
Reyes emphasized the importance of the regulatory agreement in light of Paraguay’s Central Bank’s caution against unregulated crypto entities. El Salvador’s CNAD, recognized for its robust crypto regulatory framework, serves as the main regulator for digital assets in the country, a model Paraguay may consider adopting as its own.
El Salvador has previously signed a crypto regulatory agreement with Argentina’s Comisión Nacional de Valores (CNV) in December, reflecting its ongoing efforts to facilitate international collaboration and share its regulatory expertise in the cryptocurrency sector. Reyes highlighted the commitment of the CNAD to assist other nations in developing their regulated crypto industries while expanding the international reach of Salvadoran regulated companies.
In conclusion, El Salvador continues to expand its influence in global cryptocurrency regulation through new agreements with Paraguay and Argentina. The collaboration with Paraguay aims to foster regulatory cooperation and strengthen anti-money laundering practices. As El Salvador establishes itself as a leader in digital asset regulation, its focus on sharing expertise and enhancing international partnerships highlights the nation’s commitment to a well-regulated crypto environment.
Original Source: www.coindesk.com
