The Panamanian authorities will consider a bill to regulate crypto
By The National Assembly of Panama is currently considering a bill aimed at regulating cryptocurrencies and blockchain technology. The initiative, proposed by Deputy Gabriel Silva and his colleagues, is likely to go through a thorough review process, which may extend the approval period until late 2025 in order to make all necessary adjustments.
The new law will significantly change the way cryptocurrency exchanges operate and how digital asset transactions are processed in Panama. Providers of virtual services, including cryptocurrency exchanges and wallet services, will be required to register and comply with strict international standards for anti-money laundering (AML) and «Know Your Customer» (KYC). Violation of these regulations can result in fines or even criminal prosecution, thereby enhancing security and responsibility in Panama’s cryptocurrency sector.
Proponents of the bill argue that its adoption will not only regulate the cryptocurrency market but also significantly stimulate Panama’s economy. They believe it will improve digital identification, increase transparency in government records, and establish legal recognition for smart contracts. These improvements, they claim, will streamline business operations and attract innovative companies to Panama, strengthening its position in the fintech industry.
This is the second time Panamanian lawmakers have attempted to create regulations governing the use of digital assets. A previous bill, No. 697, was partially approved in 2022, but the President blocked its implementation due to insufficient anti-money laundering (AML) measures.
