Lawmaker Submits Bill to Regulate Cryptocurrencies in Panama – Regulation

A Panamanian lawmaker has introduced a bill to regulate cryptocurrencies in the National Assembly. Among the bill's proposals is the legalization of cryptocurrencies such as Bitcoin and Ethereum as a means of payment, including for paying taxes.

Proposed Crypto Law Will “Provide Legal Certainty and Security to Crypto Assets in Panama”

Like the Bitcoin law came into force do in El Salvador BTC legal tender, Panamanian legislator Gabriel Silva tweeted on September 7th “Today we proposed the crypto law.” He stated:

We want Panama to be compatible with blockchain, crypto assets and the internet. This has the potential to create jobs, attract investment and create transparency.

The bill he submitted to the National Assembly is titled “Crypto Law: Making Panama Compatible with the Digital Economy, Blockchain, Cryptoassets and the Internet.”

Silva explained that the law aims to “revolutionize public administration, make it transparent and innovative, and also promote a digital economy that reaches the most citizens.”

Lawmakers outlined three main goals of the bill. The first is to “provide legal certainty and security to crypto assets in Panama, for example cryptocurrencies,” he described.

The second is to “attract companies and investments and promote entrepreneurship in Panama that focus on the digital economy,” he added, noting that this will contribute to job creation.

The third is to “expand the range of financial services in Panama to ensure better prices for all.”

The proposed law also addresses the use of crypto assets in Panama. Article 8 of the bill states: “Natural persons established in the Republic of Panama or legal entities organized in the Republic of Panama may freely agree to use crypto assets, including without limitation Bitcoin and Ethereum, as a means of payment for civil or commercial transactions not prohibited by the legal system of the Republic of Panama.”

Additionally, Article 9 addresses the “possibility of paying taxes, fees and other tax obligations using crypto assets.” It reads:

The institutions and corporations of the Republic of Panama may receive payments for taxes, fees and other tax obligations in crypto assets, including but not limited to Bitcoin and Ethereum, directly or through payment processors or agents appointed for this purpose.

“Panama must not lag behind in technological innovation,” emphasized Silva. The proposed crypto law can be found Here.

What do you think about this proposed crypto law in Panama? Let us know in the comments section below.

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