قانون الأوراق المالية الرقمية المعتمد من السلفادور

وافق مجلس الكونغرس في السلفادور على قانون الأوراق المالية الرقمية الذي يتيح للبلاد جمع الأموال من خلال أول سند سيادي على البلوكشين في العالم. وقد أقر مجلس الشيوخ التشريعي للبلاد المشروع القانوني يوم الأربعاء.

حصل القانون على 62 صوتًا مؤيدًا في الكونغرس، مقابل 16 صوتًا فقط ضده. وسيُرسل الآن إلى الرئيس نايب بوكيل للتوقيع.

“مجلس الشيوخ التشريعي في السلفادور قد أقر للتو، بأغلبية ساحقة، قانون الأوراق المالية الرقمية الجديد! إلى الأمام، دائمًا إلى الأمام”، كتب الرئيس نايب بوكيل على تويتر.

مع إقرار هذا التشريع، تُنشئ الدولة الصغيرة في أمريكا الوسطى إطارًا قانونيًا لجميع الأصول الرقمية التي ليست بيتكوين، بالإضافة إلى تلك الصادرة على بيتكوين.

سيقوم القانون أساسًا بتنظيم إصدار الأصول الرقمية من قبل الكيانات الحكومية والخاصة. كما يمهد هذا الإطار التنظيمي الجديد للأصول الرقمية الطريق لإصدار السندات المدعومة بالبيتكوين التي طال انتظارها، والمعروفة باسم سندات البركان.

The new law will provide clarity and certainty for businesses and investors looking to participate in the country’s digital economy and is a significant step forward for El Salvador in its goal to become a leading destination for blockchain innovation.

إطار تنظيمي للأصول الرقمية

El Salvador’s digital asset securities law is a breakthrough for the “Bitcoin Country,” which allows for the issuance of digital assets. This is a historic move for El Salvador, which became the first country to adopt Bitcoin as a legal tender in September of 2021. When President Bukele introduced the bitcoin law in يونيو 2021, the Legislative Assembly approved it in hours.

منذ ذلك الحين، يستخدم السلفادور البيتكوين والدولار الأمريكي، الذي تم اعتماده كعملة قانونية في عام 2001. وكعملة قانونية، يجب على الحكومات والشركات قبول البيتكوين كوسيلة دفع.

الآن، يضع القانون الجديد مجموعة من الإرشادات لإصدار الأصول الرقمية وتصنيف الرموز المشفرة الأوسع لتشمل العملات البديلة والأوراق المالية المرمزة. سيساعد ذلك على تقليل الالتباس والغموض حول الوضع القانوني للأصول الرقمية غير البيتكوين، وسيجعل الامتثال للقانون أسهل على الشركات. كما سيخلق بيئة متكافئة للشركات العاملة في هذا المجال.

“هدف هذا القانون هو وضع الإطار القانوني الذي يمنح اليقين القانوني لعمليات التحويل لأي صك من الأصول الرقمية المستخدمة في عروض الإصدار العامة”، ينص التشريع.

أشار القانون أيضًا إلى أن المصدرين قد يقومون بعروض عامة باستخدام الأصول الرقمية القائمة. ومع ذلك، لا تنطبق أحكام القانون على العملات الرقمية الصادرة عن البنوك المركزية، بما في ذلك العملات الورقية والعملات الرقمية الورقية (CBDCs)، التي تُنظم وفقًا لتوجيهات كل دولة المالية. لكنه يشمل الأصول الرقمية التي تُعد عملة قانونية، مثل البيتكوين والرموز غير القابلة للاستبدال (NFTs).

صُمم هذا المشروع لجذب المستثمرين، سواءً المحليين أو الأجانب، وكذلك لخلق فرص تمويل جديدة للمواطنين والشركات والحكومة.

Under the new digital asset regulatory framework, a Bitcoin Fund Management Agency would also be established. This agency would provide oversight and administration for public offerings of digital assets issued by the country and its institutions.

تمهيد الطريق لسند البركان

The 33-page digital securities bill was first proposed a few months back in November of 2022. The bill lays down the legal groundwork to allow the nation to move forward with its Volcano Bonds.

The El Salvadoran Bitcoin Office announced that the bill had passed on January 11, tweeting to say they would start issuing bonds shortly. With the issue of the first volcano bonds, the country aims to blaze the path forward for a “new monetary revolution.”

The Volcano Bond, more accurately described as Volcano Token, is a digital token that would help this small Central American country raise capital to pay down its sovereign debt and direct funds towards the creation of Bitcoin mining infrastructure and fund the construction of “Bitcoin City.”

Salvadoran President Nayib Bukele originally announced the plans for Bitcoin City in November of 2021. At the time, he shared that the Bitcoin City would be a special economic zone built on the Gulf of Fonseca on the southern coast of El Salvador, near the Conchagua volcano. The city will offer friendly regulations and tax advantages, create mining infrastructure, and incentivize Bitcoin businesses and entrepreneurs to open offices and startups within the nation.

El Salvador’s Volcano Token is looking to raise a whopping $1 billion. And it would be backed by the proceeds from its geothermal Bitcoin mining operation — which takes advantage of the energy from the nation’s active volcanoes.

By utilizing El Salvador’s natural resources and geothermal energy, the Bitcoin mining industry would only use renewable energy to generate new Bitcoin. This essentially makes investment in the bond appealing to both traditional and ESG investors.

Bitfinex will be providing the technology infrastructure for the nation’s Volcano Token, said the cryptocurrency exchange in a statement. The bond issuance was supposed to happen in March of 2022, but because of the severe bitcoin bear market last year, it has been postponed multiple times. It is now expected to move forward now that the new regulatory framework is in place.

مركز البيتكوين والعملات المشفرة الجديد

With its latest crypto-friendly legislation, El Salvador is moving closer to its vision of becoming a leading financial hub for the global Bitcoin economy. This puts the country in a similar position to current leaders in legacy finance, such as Switzerland — which categorizes cryptocurrencies as assets making it one of the most bitcoin-friendly countries.

The digital asset issuance law in El Salvador comes shortly after the formation of the country’s National Bitcoin Office (ONBTC). The ONBTC was created in November of 2022 to oversee the nation’s domestic Bitcoin projects.

As an official government office, the ONBTC will oversee and carry out the country’s planned Bitcoin projects. Additionally, the ONBTC will collaborate with other nations internationally to develop and advise on Bitcoin policy.

The Bitcoin Office took to Twitter to share that by passing this “landmark” legislation. El Salvador is building on its first-mover advantage.

“With the passing of this digital securities law, El Salvador will offer unprecedented consumer protection from bad actors in the ‘crypto’ space while also firmly establishing that we are open for business to all those who wish to build the future with us on bitcoin,” said ONBTC in a tweet.

According to ONBTC of El Salvador, the new legislation will also create the National Digital Assets Commission. This regulating agency will be responsible for applying the securities law and protecting the rights of digital asset purchasers and issuers in El Salvador. Furthermore, the commission will work to deter fraudsters from operating in the country.

“El Salvador is the epicenter of Bitcoin adoption, and thus, economic freedom, financial sovereignty, censorship resistance & un-confiscatable wealth,” ONBTC tweeted.

سوق العملات المشفرة ينتعش

The cryptocurrency market, which has been in a bear market ever since last year, reacted positively to El Salvador’s announcement and experienced a bounce this week.

Bitcoin went past $18,000, recording an over 4% jump in the past 24 hours and nearly 8% in the past week. As of writing, BTC is trading at $18,215. However, the leading cryptocurrency is still down about 74% from its all-time high (ATH) of $69,000 hit in Nov. 2021.

Despite the downturn, President Bukele has been steadfast in his belief in Bitcoin. Just two months ago, he announced that the country would be buying 1 Bitcoin per day, for an indefinite amount of time, despite the current bear market and Bitcoin’s price decline. This demonstrates the President’s commitment to the Bitcoin strategy that El Salvador has adopted.

So far, the El Salvadoran government has purchased 2,381 BTC for a total amount of $107 million. But some people have pointed to El Salvador currently losing money on its Bitcoin held on the nation’s balance sheet. But El Salvador hasn’t sold any Bitcoin yet, and with the next Bitcoin halving approaching in early 2024, the market could see a change in direction in the near future.

For now, the crypto market is enjoying the green after months of no reprieve from bears. In 2022, the collapse of Terra/Luna, crypto lenders Celsius and BlockFi, crypto exchange FTX, and many other entities wiped out nearly $1.5 trillion from the market. The total crypto market cap is now inching closer to the $1 trillion mark yet again.