The recently published report on the virtual asset ecosystem in El Salvador, developed by Global Financial Integrity (GFI) and the Cyrus R. Vance Center for International Justice (Vance Center), provides an in-depth analysis of technological developments, financial crime prevention, and personal data protection. Since the adoption of Bitcoin as legal tender in 2021, a dynamic environment has emerged, presenting both outstanding opportunities and significant challenges.
The report, “The Virtual Asset Ecosystem in El Salvador: Risks and Challenges for Countering Financial Crime,” provides a technical assessment of the current ecosystem landscape, emphasizing areas of technological innovation, regulatory developments, and emerging threats, while making several key recommendations to strengthen the virtual asset ecosystem in El Salvador. This report is part of a series of efforts in the country, where GFI and the Vance Center have sought to analyze the crypto ecosystem at the legislative level, in light of best practices and international recommendations, as well as to highlight El Salvador’s role in the region in these matters.
Please visit our first report “The Virtual Assets Ecosystem in El Salvador: Strengthening Financial Integrity and Transparency” here.