El Salvador proposed to the USA to create a unified sandbox for the tokenization of stocks.

The Regulatory Sandbox will allow regulators from the USA and El Salvador to jointly monitor the development of projects related to digital assets and coinization. This will take place in a controlled environment where regulators from both countries will be able to see real examples of the use of crypto assets before developing strict rules for them. The authorities of El Salvador are ready to share their experience with the USA, as in September 2021, El Salvador recognized bitcoin as legal tender.

The CNAD proposal includes two pilot programs. The first concerns the tokenization of real estate. It is expected that a licensed broker in the USA will receive a limited license from CNAD to sell tokenized shares. Each investor can contribute up to $10,000. This will allow testing the functionality of tokens related to real estate, after which regulators will be able to decide whether to consider them as securities under US laws.

The second program is aimed at attracting tokenized capital for small businesses. The Salvadoran company will raise capital by offering investors tokenized shares. Regulators will need to determine whether US crowdfunding laws can apply to blockchain-based fundraising. Both pilot projects aim to bring regulatory clarity to cryptocurrency regulation and protect investors.

SEC Commissioner Hester Peirce ( has already advocated for conducting international experiments in the field of cryptocurrencies. Last year, Peirce proposed creating a joint Regulatory Sandbox3 with the UK to test settlements with tokenized securities.