Any natural or legal person can be a Bitcoin provider. The requirements are outlined in the Regulation of the Bitcoin Law, in force one day after the Bitcoin Law comes into force on September 7, 2021. Such regulatory framework is intended to create an environment in which the individual and businesses can conduct transactions in bitcoin as legal tender.

According to the document, the Central Reserve Bank (BCR) will be in charge of the Bitcoin Service Providers Registry, which will be comprised of natural or legal persons such as custodians, exchange houses and payment processors or wallets.

Our managing partner, Héctor Torres, explains that the providers must submit to the BCR the form and the digital copy of the articles of incorporation, the identity documents of the partners. In the case of natural persons, the Documento Único de Identidad or passport.

“Any natural or legal person can be a Bitcoin service provider, as long as the laws and standards against money laundering are respected and the security and integrity of the financial system is preserved,” he argued.

The requirements to register in the list of providers are:

1. Login to registrobitcoin.bcr.gob.sv.
2. Fill in the required information and upload complementary digital files. Download and print forms for signature.

If the application is accepted, you will be notified via email when to submit physical forms to the BCR facilities.

4. Upon submitting the physical documentation will be contrasted with the information registered online. If everything is in order, a HASH registration number will be issued.
5. The supplier downloads the registration voucher. BCR updates Bitcoin Supplier registration.

Our managing partner states that anyone can modify or remove their Bitcoin service provider status if they wish to do so. Torres recommends getting advice to get a broader picture so as not to make mistakes when doing this procedure.

“Providers are also free to discontinue their provider status. In this case, the Central Reserve Bank may remove natural or legal persons from the registry within a period of 72 hours” he pointed out.

Compliance with these requirements will be supervised by the Superintendence of the Financial System, which has full authority to impose sanctions to suppliers operating in El Salvador that do not comply with the requirements. It should be clarified that this sanctioning regime only applies to suppliers and not to users or economic operators.

If you have more questions you can find us on social networks or visit our offices located at Calle Cuscatlán, 34312, Colonia Escalón, San Salvador, El Salvador.

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