As part of the discussion on cooperation in the field of virtual assets and blockchain technologies, the head of the National Agency for Virtual Assets and Blockchain Technologies under the President of the Kyrgyz Republic, Farkhat Iminov, met with the Chairman of the National Commission on Digital Assets of El Salvador, Juan Carlos Reyes Garcia.
Key agreements and areas of cooperation
Following the meeting, Kyrgyzstan and El Salvador signed a memorandum of understanding. The document provides for the exchange of expertise in several key areas relating to crypto market regulation, licensing of companies and supervision of digital asset transactions.
State reserves and technology
Particular attention during the talks was given to the formation of a state reserve of virtual assets. The parties discussed mechanisms for managing such a reserve, as well as its secure storage and the protection of funds.
- Tokenization of real assets was discussed.
- Investment attraction and the creation of special regimes for testing new financial technologies were considered.
- El Salvador's representatives shared their expertise in regulating digital assets, including in the area of combating money laundering and the financing of terrorism.
As part of the exchange of expertise, the parties discussed plans to introduce a unified digital platform that will be used for licensing and supervising crypto market participants.
It is worth noting that in 2021 El Salvador became one of the first countries in the world to recognize Bitcoin as legal tender.
