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El Salvador relaxes regulations, allowing investment banks to hold Bitcoin and provide encryption services.
[Coin World] Juan Carlos Reyes, the chairman of the El Salvador Digital Assets Commission (CNAD, the government's cryptocurrency regulatory agency), stated that investment banks will now be allowed to hold BTC and other digital assets on their balance sheets and provide cryptocurrency services to "mature" investors (equivalent to accredited investors in the U.S.). He added that the new "Investment Banking Law" allows private investment banks to offer fiat and foreign currency trading services to "mature investors" and permits them to hold digital asset service providers (PSAD) licenses to engage in businesses involving Bitcoin and other digital assets. Banks holding the PSAD license can choose to operate entirely as Bitcoin banks.