Register as a

Digital Assets Service Provider (DASP)

What Is DASP?

It is a natural or legal person whose ordinary business involves providing one or more of the digital asset services detailed in Article 19 of this Law, and who meets one of the following two conditions:

  1. It is domiciled in El Salvador;

  2. It is not domiciled in El Salvador, but actively promotes or markets its services to potential clients in the country.

Pre-Registration Process

Pre-register here

For a correct pre-registration, it is necessary to have clear which steps to follow, detailed below.

Pre-Registration Form

Interested parties must fill out the pre-registration form with information and documents related to:

  1. Applicant; and
  2. Area they wish to operate in.
1.
2.

CNAD Evaluation

The CNAD will conduct the corresponding analysis of the information provided in the form, and may request additional information from the interested party if necessary.

Submission of Additional Information

The interested party must submit the required additional information.

3.
4.

Second Evaluation by CNAD

The Commission will conduct a second evaluation and issue either an “objection”
or “no objection” with proper justification.

  • No objetion: CNAD will specify to the applicant the requirements and process for registration in the desired operating area.
  • Objetion: Will be based on lack of territorial and material competence, in accordance with Articles 2 and 4 of the LEAD.

The interested party must fill out the pre-registration form found on the official website of the national commission of digital assets, with the following information and documentation:

Requirements for Pre-Registration as a Digital Asset Service Provider:

  1. Identification of the person responsible for the application: name, surname, position held, phone number, email, and address.
  2. Identification of the applicant: corporate name, trade name, URL, physical address, country of domicile, sector of operation, type of clients served, description of services provided to clients, supporting documentation on services provided to clients, number of countries where it operates, list of countries where it operates, number of employees, number of clients served, part of a corporate group or conglomerate.
  3. Identification of the corporate group or conglomerate: corporate name of the group or parent company, trade name of the group or parent company, URL, country of domicile, sector in which it operates, type of clients served, description of services provided to clients, supporting documentation on services provided to clients, number of countries where it operates, list of countries where it operates, number of employees, number of clients served.
  4. Interest: executive summary of the Business Plan to be implemented in El Salvador in the next 3 years; Flowchart of activities involving its business model, making a clear distinction between activities carried out by: the company in El Salvador, the company in another country, another company in El Salvador, another company in another country; services that it intends to provide within the Digital Assets Market;
  5. Selection of digital asset services to be performed.
  6. Selection of the type of issuances to be performed.
  7. Additional documentation to be added:
    • Letter of request;
    • Copy of the public deed of constitution including the registration certificate in the Commercial Registry;
    • Copy of the company’s registration including the registration certificate in the Commercial Registry; Copy of the company’s NIT;
    • Shareholder roster certification;
    • Certification of the identity of ultimate beneficiaries;
    • Copy of the Unique Identification Document and NIT (if applicable) of shareholders and ultimate beneficiaries holding more than 10% of the share ownership;
    • Copy of the Administration or Board of Directors Credential;
    • Copy of the Unique Identification Document and NIT (if applicable) of administrators, managers, and legal representatives;
    • Copy of the audited Financial Statements of the last 3 years, or those that exist if the company has less than 3 years of operation;
    • Detail of its internal organizational structure;
    • Curriculum Vitae and titles accrediting the experience of administrators, managers, and other key personnel;
    • Detail of the international organizational structure of the company or group to which it belongs, if applicable;
    • Certified copy of power of representation if the person submitting the application is different from the legal representative.
  8. Specification of the technical and technological manuals already available
  9. Declaration of the veracity of the information.

Process of Definitive Registration of Digital Asset Service Providers

Final stage following pre-registration.

PSAD Documents

Compliance with the requirements of Art. 20 of the LEAD with regard to Art. 7, 17 to 35 of the RPSAD.

1.

Complete Form - Submission

The interested party must submit the previously mentioned documentation in digital and physical format at the CNAD offices.

Evaluation of the Application

CNAD will have a maximum period of 20 business days to evaluate them and issue a favorable or unfavorable resolution; or to notify the entity, if the application is incomplete, so that within 10 business days, the missing information and documentation are completed.

2.
3.

Favorable or Unfavorable Resolution

  • Unfavorable resolution: The PSAD has the option to resubmit its registration request.
  • Favorable resolution: Payment of the initial registration fee ($5,475) within 10 days from the notification of the resolution.

Otorgamiento de asiento Granting of Registration Seat

CNAD will issue a registration certificate and authorization to operate as a Digital Asset Service Provider.

4.
5.

Favorable or Unfavorable Resolution

The PSAD and/or Certifier will enjoy the tax benefits established by Article 36 of the LEAD Law from the notification of the definitive registration number

Notification to UIF

Finally, the Commission will notify the Financial Investigation Unit of the registration of the new Digital Asset Service Provider

6.

Procedure for Registration of Digital Asset Service Providers

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