New Legislation Introduced in Panama to Turn the Country into a Crypto Hub
The post New Legislation Introduced in Panama to Turn the Country into a Crypto Hub appeared on BitcoinEthereumNews.com.
Key Takeaways: Panama plans to legalize voluntary crypto payments in commercial transactions. The bill establishes a regulatory regime for Virtual Asset Service Providers (VASPs). The potential of blockchain integration for state process optimization is also in consideration. Panama is set to introduce a comprehensive draft bill this month, taking a big step forward in its mission to regulate cryptocurrency and promote the development of blockchain technology. Legalizing Voluntary Digital Payments: Panama Pushes for Crypto Adoption The crux of the proposed bill is the legal recognition of digital assets as a lawful payment method. This gives individuals and businesses the potential freedom to mutually decide to accept cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and stablecoins — whether to buy goods or pay off debts. This includes potential for leveraging digital assets in commercial and civil contracts, paving the way for fresh opportunities of financial flexibility and innovation. This model of voluntary acceptance is critical. Unlike El Salvador’s mandatory Bitcoin adoption policy, Panama’s approach gives businesses and individuals the flexibility to adopt crypto at their own pace, potentially leading to smoother integration into the economy. The bill makes it clear that withholding adoption does not amount to forced adoption, leaving cryptocurrency use as an agreed upon matter between parties. Substitute Representative Gabriel Solis stated that they were not talking about the future but rather about the present. He explained that through the law, they wanted to establish a regulatory framework for the development of these technologies and aimed to provide legal certainty and transparency. Virtual Asset Service Providers: How To Keep Panama’s Crypto Market Secure The bill lays out a regulatory framework for VASPs — virtual asset service providers, including wallets, exchanges and custody platforms — to facilitate safe and responsible use of digital assets. Such entities would also be obligated to…
Filed under: News - @ March 28, 2025 8:21 pm