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Regulated Bitcoin (BTC<\/a>) investment banks are arriving in El Salvador, following the approval of El Salvador\u2019s Investment Banking Law on Thursday, which categorizes investment banks under distinct regulations compared to commercial banks.<\/p>\n Investment banks will now be permitted to retain BTC and other digital assets on their balance sheets, as well as provide crypto services to \u201csophisticated\u201d investors, akin to accredited investors in the United States, Juan Carlos Reyes, head of El Salvador\u2019s Commission of Digital Assets (CNAD), the government\u2019s crypto regulatory organization, informed Cointelegraph. He further stated:<\/p>\n \u201cThe new Investment Banking Law permits private investment banks to function in legal tender and foreign currencies for \u2018Sophisticated Investors\u2019 and to participate in digital assets like Bitcoin with a Digital Asset Service Provider (PSAD) license. With a PSAD license, a bank might opt to operate entirely as a Bitcoin bank.\u201d<\/p><\/blockquote>\n The legislation promotes foreign investment in El Salvador and positions it as an up-and-coming center for finance, supporters of the newly enacted law claim<\/a>.<\/p>\n