In a speech at Blockchain Rio 2025, Juan Carlos Reyes, chairman of El Salvador’s National Digital Assets Commission (CNAD), revealed that Salvador is one of the reasons why it is a global reference in the regulation of cryptocurrency.
“Getting a license in El Salvador is like graduating from Harvard University, and it’s best to achieve that,” Reyes said. “They understand that we are focused on creating the best rules and best supervision for our digital assets.”
Regulation experts explained that his team’s focus combines decades of experience in financial supervision with essential technical training in cryptocurrency. He emphasized international cooperation as a pillar of his policy.: “Digital assets have no geographical barriers and supervision should not have them.”
In that context, he reported on a recent tour of ten countries and announced that El Salvador had established agreements with entities such as the U.S. Stock Exchange and Securities Commission and the Brazilian Federal Police. «The criminal believes that he can transfer the assets without detection, but all tokens with illegal activity are marked. We know where they are and who trade them».
While El Salvador has established strict standards, Countries with larger ecosystems, such as Argentina and Brazil They face the challenge of integrating more diverse actors without compromising legal compliance.
On the second day of the event, Roberto Silva of the National Securities Commission (CNV) of Argentinashared the panel Otto Robo, president of Brazilian CVMand Juan Carlos Reyes himself. The focus was on the various regulatory strategies adopted by countries to accompany the evolution of the region’s ecosystems.
From an Argentinean perspective, Silva presented the challenges his management faces in implementing a tokenization regime in a complex political context.
“We don’t know if tokenization is the future, but that’s true — and it’s very possible — we don’t want to be behind,” said a specialist at the blockchain Rio 2025 stage.
Given the lack of legislative tools, CNV chose a creative approach as Javier Mairey’s government doesn’t have a majority in Congress. «I called my legal counsel and explained the restrictions we had. We accepted them, but decided to move forward with the same thing,” Silva said.
As reported by Cryptootics, The agency has launched a regulatory sandbox that sets accurate terms for issuing digital values and negotiating. Each device must be in certified or accounting format and can only operate in a market that has already been accredited through registered intermediaries.
This is not a discretionary selection process, but a one-year testing period, although it emphasized the length of the CNV. Silva said that if the model works, new reforms could be introduced and even legislation formalizing the administration.
Continuous dialogue to achieve a unified market
On the Brazilian side, Ottorobo emphasized the importance of preparing regulations from constant dialogue with the market. “In 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 influence the integrity and evolution of the capital market,” he explained.
For the wolf, The key is to maintain a structured model that allows adjustments to each regulatory initiative According to ecosystem feedback.
«This is a puzzle-like collaborative effort where each of them delivers his work. We listen to all the actors and build together,” he summed up.
In relation to this last point, Roberto Silva explained that Argentina has gradually adopted an approach to regulating virtual asset services (PSAV) suppliers (PSAV).. First, the first record was established allowing both local and foreign market actors to be identified and ordered. Progress has since been made with stricter regulations in the implementation process.
Therefore, the CNV head emphasized the importance of providing reasonable time for businesses to adapt to new requirements, acknowledging that despite the difficulties, this process has shown significant advances in formalising the sector.
«We approached it in two steps. First, in March last year, we established a record that required 165 people to be registered. The number consists of 12 people and 153 companies, of which 46 are foreigners. This registry is aimed at both local and international businesses. Next, we start working with regulations. We will hold public consultations and will end regulations in March of this year. The regulations will come into full effect in the second half of 2025, but this year they have been given to businesses to meet strict registration requirements »
Roberto Silva, head of the Argentina National Securities Commission.
Regarding the specific progress of the process, Silva reported that the first deadline to win on July 1 still has a balance between the first 12 registered individuals. For Argentinian companies, more than 50 of the 107 registered companies have already met the requirements, with the final figures known in the coming days.
Additionally, out of the 46 foreign companies, 43 maintain active records after three cancellations. “In short, I think we have a considerable number of 80-90 registered companies,” the expert concluded, highlighting progress towards greater formalization and regulation of the Argentine market for digital assets.
Ottorobo explained that Brazilian CVMs have adopted a functional approach instead of creating a specific regime of digital assets. As detailed, If the device meets the legal characteristics of value, it falls under the jurisdiction of CVM.regardless of the technology that supports it.
«The collaboration with the Brazilian Central Bank, the IRS and COAF are fundamental, especially in the fight against corruption and organized crime. Our priorities are a risk-based approach, taking into account the size of our investors,” he concluded.
The table reveals that although roads are diverse, Latin America is heading towards a robust and regulated future where cryptocurrencies are no longer promises, but integrated financial infrastructure.