El Salvador's new law allows licensed investment banks to conduct crypto asset business

Odaily Planet Daily reports that Juan Carlos Reyes, Chairman of the El Salvador Digital Assets Commission (CNAD), has confirmed that El Salvador has passed the Investment Banking Law, allowing licensed investment banks to hold digital assets such as Bitcoin and provide crypto services to qualified investors. The law stipulates that investment banks can apply for a Digital Asset Service Provider (PSAD) license and even operate as pure Bitcoin banks. The government claims this move will help attract foreign investment and strengthen its position as a center for financial innovation, but some critics believe that current crypto policies favor institutions over the general public. (Cointelegraph)