In previous months we wrote about the entry into force of the Regulation of Electronic Payment Service Providers (EPSPE). Now that the deadline has passed for companies in this area to adapt and register in the EPSPE registry, which for such purpose is kept by the Central Bank of Honduras, and based on our experience…
On December 14, 2022, the Central Bank of the Republic of Nicaragua (“CBN”) approved Resolution CD-BCN-LXXX-1-22 “Check Truncation Regulation” (hereinafter, the “Regulation”) with the in order to regulate and establish the requirements and procedures that must be met in the process of truncation of bank checks by the participants of the Nicaraguan Interbank System of…
Introduction In our different jurisdictions we saw that the application and implementation of electronic signatures was accelerated during the pandemic and in recent years, Central American countries have passed legislation that gives the same legal validity and effectiveness to electronic signatures as handwritten signatures. Today, we are beginning to hear of some precedents from regulatory…
With the objective of continuing to provide the highest standard of quality to its clients and the sustained growth of lawyers in the El Salvador office, Consortium Legal announces the appointment of Daniel Leiva as Director of Fintech and Cryptoassets. Prior to joining Consortium, Daniel served as in-house counsel of the largest commercial bank in…
By: Mónica Brenes & Rodrigo Taboada The payment ecosystem is made up of the different means of payment that exist within a financial system, which may vary depending on the territory in which the user is located. According to a study conducted in 2022 by the Inter-American Development Bank (“IDB”), it is estimated that by the…
By: Daniel Leiva Recently, El Salvador took a bold and unprecedented step in the world of cryptocurrencies and digital assets. In a historic decision, our country approved in 2021 the Bitcoin Law, which recognizes it as legal tender and established a regulatory framework for the use and circulation of bitcoin in El Salvador, becoming the…
By: Randall Barquero In 2022, the Fintech sector continued to grow in Costa Rica, and the outlook for 2023 is even more promising. In this article, we will review the recent dynamics of the sector and what we can expect in terms of regulation soon. According to the latest Fintech report published last April by…
By: Daniel Leiva On January 11 of this year, the Legislative Assembly during its 90th plenary session approved the opinion number 43 of the Economy Commission which contained a Legislative decree of 47 articles called Law of Issuance of Digital Assets (“LIDA”). Relevant aspects of the Law: Object The LIDA aims to create the regulatory…
On October 24, a bill called “Cryptoassets Market Law” was submitted to the Legislative Assembly of Costa Rica, under file No. 23.415. The proposal seeks to generate greater financial inclusion and modernize Costa Rica’s digital economy through the promotion and regularization of the mining, commercialization, exchange, transfer, holding, establishment, use and taxation of cryptoassets. In…
Regional Fintech Team The Latin American Fintech ecosystem is very dynamic and Central America is no exception. According to the IDB in its recent “Fintech in Latin America and the Caribbean” Report, the Latin American and Caribbean Fintech ecosystem has grown by 112% from 2018 to date, being led by Brazil, Mexico, Colombia, Argentina and…
By: Melissa Morán Electronic wallets or e-wallets are defined as a technological tool through which currencies can be held and transferred on a virtual platform accessed through an application or website. Currencies stored in an e-wallet can typically be loaded via credit or debit cards or through cash payments to a centralizing bank account or…
On July 18, 2022, the CONASSIF approved to submit for public consultation the draft regulation to the Law on Bills of Exchange and Electronic Promissory Notes Law No. 10.069, called Regulation on Administrative Entities of Centralized Registries of Bills of Exchange and Electronic Promissory Notes. The deadline for submitting comments is 15 business days from…