Panamanian Authorities to Discuss Cryptocurrency and Blockchain Regulation Bill
Date: 2025-03-31 Author: Oliver Abernathy Categories: IN WORLD
An initiative group of deputies of the National Assembly of Panama, led by Gabriel Silva, has proposed a new bill aimed at regulating cryptocurrencies and blockchain. It is expected that its approval, taking into account the amendments, could take up to the end of 2025. If the bill is approved, it will significantly change the rules for the operation of cryptocurrency exchanges and transactions with digital assets in Panama.
The bill proposes mandatory registration for all virtual service providers in the country, including crypto exchanges and crypto wallet developers. They will be required to comply with international anti-money laundering (AML) standards and Know Your Customer (KYC) procedures. Failure to comply with the new regulations could result in fines or criminal penalties, which the initiators believe will improve the security and transparency of the cryptocurrency market.
The bill's supporters claim that its adoption will streamline the cryptocurrency sector and have a positive impact on the country's economy. The new rules are expected to help improve digital identification systems, make government registries more transparent, and ensure the legal validity of smart contracts. This, in turn, will create a more favorable environment for business and attract innovative companies, strengthening Panama's position in the fintech market.
It should be noted that this is the second attempt by Panamanian legislators to create a legal framework for regulating digital assets. In 2022, Bill No. 697 was proposed, which was partially adopted, but its implementation was suspended by the country's president due to insufficiently strict measures to combat money laundering.
If the new bill is successfully passed, Panama could become one of the leading countries in the region in regulating cryptocurrencies, creating an attractive environment for the development of financial technologies.
