Panama Will Officially Have a Law To Regulate the Crypto Market in 2022?

Panama Lawmakers Pass Bill Regulating Crypto Assets

Panama has passed reform legislation to regulate the country’s Bitcoin and cryptocurrency markets, bringing the expanding industry out of the existing gray zone.

The country’s Legislative Assembly tweeted on Thursday that the new legislation controls cryptocurrency trading and usage, as well as the issuance of digital value, tokenization of precious metals and other assets, payment systems, and other restrictions.

“This bill seeks to convert Panama into a technology innovation hub in Latin America,” said Congressman Gabriel Silva in a Thursday interview after the approval of the bill. “This is a step forward that seeks to mobilize the economy and create jobs.”

According to Silva, the law aims to offer regulatory certainty for the optional use of cryptocurrencies as payment in the country. In addition, the idea is to encourage global corporations to create offices in the Central American country while also encouraging local entrepreneurship in the cryptocurrency services industry.

“Over 50% of Panama’s population doesn’t have a bank account,” Silva said. “This helps people participate in the digital economy and receive payments from tourists that come to Panama. It helps in the financial inclusion of Panamanians.”

The bill is now on its way to the nation’s president Laurentino Cortizo, who will have the choice of rejecting it or signing it into law.

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