Panama passes bill to regulate cryptocurrencies

The National Assembly of Panama approved a bill regulating the circulation of crypto assets in the country. This is reported Reuters.

The regulatory document “regulates the trade and use of crypto assets, the issuance of digital value, the tokenization of precious metals and other assets, payment systems and other areas.”

Congressman Gabriel Silva emphasized that the legalization of cryptocurrencies will help Panama become “the center of innovation and technology in Latin America.”

Aprobada la Ley de Crypto de Panamá! Esto ayudará a que Panamá se vaya consolidando como hub de innovación y tecnología de America Latina!

Crypto Law approved in third debate! This will help Panama become a hub of innovation and technology in Latin America!

— Gabriel Silva (@gabrielsilva8_7) April 28, 2022

“Now I can go and pay the seller for something. And if he wants to accept cryptocurrency, it is allowed, it is legal. So far, nothing like this has happened in Panama.” declared Silvia.

He added that more than half of the country’s residents are not covered by the banking system, but the “crypto law” is designed to help them.

According to the document, from now on, cryptocurrencies in Panama are an acceptable form of payment “for any legal civil or commercial transaction”, including the payment of taxes, duties and other fees to the state.

Crypto law also officially recognizes Decentralized Autonomous Organizations (DAOs) as legal entities. In addition, it regulates the release of tokenized securities and goods through STO.

Silva completed work on the bill in September 2021. According to him, the initiative will create “thousands of jobs”, attract investment and “make the government transparent.”

Recall El Salvador became the first country, which recognized bitcoin as a legal means of payment. However, a recent study showed low adoption rates of the first cryptocurrency in the country.

Also Read: Poll Shows El Salvador’s Failure in Bitcoin Experiment