Image Credit: Elly Financial Technologies.

The digital assets ecosystem has welcomed a new member and continues to grow, thanks to the security, trust, and transparency generated by the effective regulation and supervision of the National Commission of Digital Assets (CNAD). The technology company Elly Financial Technologies SLV, S.A. de C.V. became a new digital assets services provider registered in the CNAD’s registry on June 10, 2024.

The company was registered in the Digital Services Providers Registry of the CNAD with the registration number PSAD-0024, making it the twenty-fourth provider authorized by the Commission. This registration sends a message of economic agents’ interest in participating in the growing Salvadoran digital assets market.

Elly Financial Technologies SLV, S.A. de C.V. is authorized to conduct the following activities:

• Exchange digital assets for fiat money or its equivalent, or for other digital assets, either using its own capital or that of a third party;
• Operate an exchange platform or market digital assets or digital asset derivatives;
• Evaluate the risk and price, as well as underwrite digital asset issuances;
• Place digital assets on platforms or digital wallets, and
• Promote, structure, and manage all types of digital asset investment products, as well as loans, mutual funds, or any form of digital asset financing.

Additionally, the company is authorized to carry out the following operations when conducted on behalf and for the benefit of third parties:

• Transfer digital assets or the means to access or control them between natural or legal persons or between different acquirers, electronic wallets, or digital asset accounts;
• Safeguard, custody, or manage digital assets or the means to access or control them;
• Receive and transmit orders to buy or sell digital assets or negotiate digital asset derivatives, and
• Execute buy or sell orders for digital asset derivatives.

Digital assets services providers (PSAD) are required to register with the CNAD in compliance with Article 18 of the Digital Assets Issuance Law. The Law also stipulates the services that registered providers can offer, the requirements for registration, and the obligations they must fulfill to remain authorized. The PSAD Registry and the registration process with the CNAD can be consulted at Digital Assets Services Providers – CNAD.