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Panama Congressman Proposes Crypto and Blockchain Regulation Law

Panama Congressman Proposes Crypto and Blockchain Regulation Law

Gabriel Silva, an independent lawmaker from Panama, has filed a proposed law to the country’s National Assembly. The proposed law will establish regulatory guidelines for Panama in relation to crypto assets, with the aim of promoting blockchain technology adoption.

The proposed law stipulates crypto assets as an emerging vector of opportunities, citing cases from Latin America, in particular El Salvador’s Bitcoin adoption, as examples. The proposed law also refers to Bitcoin and Ethereum as primary examples of crypto assets that it seeks to regulate.

“Natural persons located 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 means of payment for any civil or commercial operation not prohibited by the legal system of the Republic of Panama,” the proposed bill states.

According to Silva, the proposed law will make Panama “compatible with blockchain, crypto assets and the internet,” sharing about the proposal in a Twitter video.

The lawmaker asked the community to leave comments and feedback on his website, saying that the proposal, while simple, would allow Panama to have legal certainty and safety on matters regarding digital assets, one example of which are cryptocurrencies.

The potential law also aims to attract entrepreneurial activity from companies, as well as investments that would stimulate the nation’s economy by creating local job opportunities. The law will also potentially help broaden financial services and lower the barrier of access for such services. Notably, the law also proposes to provide Panama’s citizens with the option to pay taxes and government fees with crypto.

Panama’s crypto regulation proposal would provide companies with leeway in terms of accepting Bitcoin or cryptocurrencies, a key difference with El Salvador’s law, which mandates the implementation and acceptance of Bitcoin as legal tender within its economic jurisdiction.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

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