“A Bitcoin license from El Salvador is like graduating in Harvard”

During his speech at the Blockchain Rio 2025, Juan Carlos Reyes, president of the National Digital Assets Commission (CNAD) of El Salvador, made it clear that one of the reasons why El Salvador is a global reference in the regulation of cryptocurrencies is his rejection of speculative tokens and projects without backing.

“Obtaining a license in El Salvador is like graduating from Harvard: only the best achieve it,” said Reyes, who also highlighted: Tether, a key actor in the Stablecoins market, operates under the regulation of El Salvador, aligning with our vision. ” They understand that we focus on creating the best rules and the best supervision for digital assets ».

The regulation specialist explained that the focus of his team combines decades of experience in financial supervision with mandatory technical training in cryptocurrencies. He highlighted international cooperation as a pillar of his policy: “Digital assets do not have geographical barriers, and supervision should not have them either.”

In that context, he reported his recent tour of ten countries and announced that El Salvador has established agreements with entities such as the United States Stock Exchange and Securities Commission and the Federal Police of Brazil. «Criminals believe they can transfer assets without being detected, but every token with illegal activity is marked. We know where they are and who transacces them ».

While El Salvador establishes strict standards, Countries with larger ecosystems such as Argentina and Brazil They face the challenge of integrating a greater diversity of actors without compromising compliance with laws.

During the second day of the event, Roberto Silva, head of the National Securities Commission (CNV) of Argentinashared a panel with Otto Lobo, president of the CVM of Braziland Juan Carlos Reyes himself. The focus was put in the different regulatory strategies that each country adopts to accompany the evolution of the ecosystem in the region.

From the perspective of Argentina, Silva presented the challenges facing his management to implement a tokenization regime in a complex political context and how, despite the limitations, the country decided to move on.

“I don’t know if tokenization is the future, but it is – and it is very likely – we don’t want to stay behind,” said the specialist on the stage of the Blockchain Rio 2025.

Given the lack of legislative tools, since the Government of Javier Milei does not have a majority in Congress, the CNV opted for a creative approach. «I called my legal advisor and explained the restrictions we had. We accepted them, but we decided to advance the same, ”said Silva.

As cryptootics reported, The agency launched a regulatory sandbox that sets precise conditions for the issuance and negotiation of digital values. Each instrument must be certified or in accounting format, and can only operate in authorized markets already through registered intermediaries.

It is not a discretionary selection process, emphasized the head of the CNV, but a test period of one year. Silva said that, if the model works, new reforms could be introduced and even a law that formalizes the regime.

Constant dialogues to achieve a unified market

On the Brazilian side, Otto Lobo stressed the importance of preparing regulations from the constant dialogue with the market. “In the CVM, our actions on digital assets are not based on a single specific event or mandate, but on a combination of internal and external factors that affect the integrity and evolution of the capital market,” he explained.

For wolf, The key lies in maintaining a structured model that allows each regulatory initiative to be adjusted According to ecosystem feedback.

«This is a collaborative task, like a puzzle where each one contributes his piece. We listen to all the actors and build together, ”he summarized.

In relation to this last point, Roberto Silva explained that Argentina adopted a gradual approach to the regulation of virtual asset services (PSAV) suppliers (PSAV). First, an initial record was established that allowed to identify and order the market actors, both local and foreign. Then, progress was made with a stricter regulation that is in the process of implementation.

Thus, the head of the CNV stressed the importance of providing reasonable times for companies to adapt to the new requirements and acknowledged that, despite the difficulties, the process has shown significant advances in the formalization of the sector.

«We made an approach in two steps. First, in March last year, we established a record in which we had to register 165 people. That number is made up of 12 individuals and 153 companies, of which 46 are foreign. This registry covered both local and international businesses. Then we start working in the regulation. We carry out a public consultation and end the regulations in March of this year. The regulation will be fully in force in the late 2025, but we gave the companies to meet the registration requirements, which are stricter, during this year ».

Roberto Silva, head of the National Securities Commission of Argentina.

Regarding the concrete progress of the process, Silva reported that the first deadline, which won on July 1, left a balance of only two registered individuals of the initial 12. As for the Argentine companies, of the 107 registered, more than 50 have already met the requirements and the final figure will be known in the next few days.

Also, of the 46 foreign companies, 43 maintain an active record after the cancellation of three. “In short, I think we will have between 80 and 90 registered companies, which is a significant number,” concluded the specialist, highlighting the progress towards greater formalization and regulation of the Argentine market for digital assets.

For his part, Otto Lobo explained that the Brazilian CVM adopted a functional approach instead of creating a specific regime for digital assets. As detailed, If an instrument meets the legal characteristics of a value, then enters under the jurisdiction of the CVMregardless of the technology that supports it.

«The collaboration with the Central Bank of Brazil, the IRS and COAF is fundamental, especially in the fight against corruption and organized crime. Our priority is a risk -based approach, considering the size of investors, ”he concluded.

The table made it clear that, although the roads are diverse, Latin America is moving towards a future where cryptocurrencies will no longer be a promise, but an integrated financial infrastructure, robust and regulated.