El Salvador signed a mutual agreement with Argentina to help both countries strengthen their digital asset industries. The Bitcoin-friendly nation is also discussing similar agreements with over 25 other countries.
On Dec. 11, Juan Carlos Reyes, president of the National Commission of Digital Assets (NCDA) in El Salvador, announced the signing of a mutual collaboration and training agreement with Roberto Silva, president of Argentina’s National Securities Commission (CNV).
Juan Carlos Reyes (left) and Roberto Silva (center) signed an agreement to further digital asset collaboration between El Salvador and Argentina. Source: Juan Carlos Reyes
Speaking to Cointelegraph, Reyes said Argentina’s robust and innovative blockchain industry and El Salvador’s technological expertise will “create a highly productive partnership.”
Highlighting El Salvador’s three-year advantage over most countries in digital assets regulation, Reyes said, “One of the most significant immediate benefits will be information sharing, particularly since we have Argentine companies registered in El Salvador.”
Symbiotic partnerships for mutual benefit
El Salvador plans to refine its own regulatory framework and improve its understanding of the digital assets market through its partnership with Argentina. Additionally, Reyes told Cointelegraph that El Salvador regulators are in talks with multiple nations for similar crypto-focused partnerships:
“We are currently in discussions with over 25 countries and anticipate many more agreements in the future. As a regulator, we recognize that our approach may be unconventional since we are not what they are used to a central bank or other legacy entity, which has led to some delays in understanding how we can collaborate with other countries.”
El Salvador seeks cross-border collaboration to further crypto adoption
To effectively collaborate with other nations, El Salvador has set up a team of over 20 members comprising Bitcoin (BTC) experts and crypto-literate individuals.
Related: El Salvador’s Bitcoin gains top $300M — President
Reyes strongly advised against delaying establishing rules and following Financial Action Task Force (FATF) recommendations, giving a clear message to regulators in other jurisdictions:
“The longer you wait, the more challenging it becomes to implement effective regulations, and the greater the risk of scams and money launderers gaining control of the industry.”
Reyes also told Cointelegraph that El Salvador is “nearing completion of two more agreements with other countries,” emphasizing his team’s commitment to helping any nation interested in collaborating with El Salvador.
“Our experience has shown that cross-border knowledge sharing is essential for creating a safe and effective regulatory environment, and we encourage other regulators to prioritize this approach,” he said.
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