Panama passes bill to permit use of crypto assets
This article is a summary of reporting by Reuters. Originally published April 29, 2022.
Lawmakers in Panama's National Assembly voted 38-0 with two abstentions to approve a bill establishing a regulatory framework for crypto assets. The measure allows individuals and businesses to utilize cryptocurrencies as means of payment for commercial operations and government taxes. Bill sponsor Gabriel Silva noted the legislation is broader in scope than El Salvador's bitcoin law by covering tokenization of precious metals and digital securities. While advocates view the law as a way to expand financial inclusion among the unbanked, financial experts raised concerns regarding international anti-money laundering compliance and transparency standards.
AI Summary
Panama's National Assembly approved legislation regulating the commercial use and trading of crypto assets, enabling citizens to pay taxes with digital currencies.
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