Wednesday 18 May 2022

Panama regulates the use and commercialization of crypto assets

According to the proposal, citizens, companies and organizations will be able to freely agree on the use of crypto assets

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18 May 2022 - At The Banks - BCCR

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Q24N (PANAMA) The Congress of Panama approved a bill to regulate the use and commercialization of crypto assets in the Central American country, which adds to others in the region that have advanced in the legislation regarding digital currencies.

El Salvador became the first nation in the world to adopt bitcoin as legal tender last year, as did a special autonomous zone in Honduras this month.

“It is important to anticipate, that we regulate the issue, let’s make it clear, let’s do it according to the FATF (Financial Action Task Force) standards (…) before this harms us in the future for not having a good regulation,” he said one of the legislators who promoted the plan, Gabriel Silva.

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According to the proposal, citizens, companies and organizations will be able to freely agree on the use of cryptoactives, including without limitation bitcoin BTC=, ethereum ETH=, XRP, litecoin, XDC Network, elrond, stellar, IOTA and algorand, as a means of payment for any operation. civil or commercial.

The initiative was approved by the legislators of the National Assembly with 38 votes in favor, two abstentions, and none against, and must be promulgated by President Laurentino Cortizo to enter into force.

The bill also leaves open the possibility of paying taxes, fees and other tax obligations with cryptocurrencies, directly or through agencies, respecting the order, stability and transparency of public finances and the best cybersecurity practices.

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Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

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