Panamanian Legislative Assembly’s Committee Approves Bill Regulating Crypto

The legislation must now go through two more rounds of debate before making it to the president’s desk.

AccessTimeIconApr 22, 2022 at 6:50 p.m. UTC
Updated Apr 22, 2022 at 7:08 p.m. UTC

Andrés Engler is a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.

The Panamanian Legislative Assembly’s economic affairs committee approved a bill on Thursday regulating the use of cryptocurrencies in the Central American country.

  • The bill seeks 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,” Congressman Gabriel Silva said. It also looks to have blockchain technology be adopted by the Panamanian government “to increase transparency and efficiency in procedures,” he said.
  • After receiving the committee's approval, the bill now must be discussed by the full Assembly during a second debate – where it can receive further modifications – and then be reviewed at a third and final session. Following the legislative process, Panamanian President Laurentino Cortizo can veto or sign the law.
  • The original text, which was presented by Silva, was modified, Silva tweeted on Thursday, without specifying what was changed. "For me, it can be improved," he noted in his tweet.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Andrés Engler is a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.

CoinDesk - Unknown

Andrés Engler is a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.