Panama Legislature Passes Bill Regulating Crypto

A plenary session of the Panamanian Legislative Assembly approved a bill on Thursday regulating the use of cryptocurrencies in the Central American country.

• “This will help Panama become a hub of innovation and technology in Latin America," Congressman Gabriel Silva, who introduced the bill, tweeted on Thursday. "[The] only thing missing is for the President to sign it. Thank you to all who helped. This will help create jobs and financial inclusion."
• As informed by the Assembly, “the law regulates the trading and use of crypto-assets, the issuance of digital value, tokenisation of precious metals and other assets, payment systems and other provisions.”
• The bill was passed out of the Panamanian Legislative Assembly’s economic affairs committee last week before its final approval today. Following the legislative process, Panamanian President Laurentino Cortizo can veto the bill or sign it into law.
• Last week, Silva said that the bill aims to “give legal stability to crypto assets in Panama [and] develop the crypto industry in the country to attract more investments and generate more employment.” He added that it also looks to have blockchain technology be adopted by the Panamanian government “to increase transparency and efficiency in procedures.”