Panama Passes Bill to Regulate Crypto Assets

Panama Canal joins South and Central American nations through an isthmus. The Latin American nation is in the news quite frequently on account of its controversial financial engagements. However, recently, the country is a quote within the international cryptocurrency community for something positive for a change of pace.

According to the latest article penned by writers at Reuters, the National Assembly of Panama has decided to pass a new cryptocurrency regulatory bill. As per media reports, the crypto bill attained unanimous positive voting. Furthermore, the bill will allow the government of Panama to introduce cryptocurrency regulatory clarity in the region with tailored crypto-related legislative clarity.

President of Panama Laurentino Cortizo will Sign the Crypto Bill

Per the customary practices, when the bill has managed to get enough passing votes, it moves on to the next stage. For the cryptocurrency regulatory bill of the Panama National Assembly same laws apply as well. The media have reported that after getting a visible majority from the legislators, the bill is now headed to the presidential office.

All eyes of cryptocurrency traders, miners, and organizations are now set on President Laurentino Cortizo, who has the power to sign the bill and pave the way for adding it to the constitution of the region. It is worth noting that the same bill also focuses on introducing policies that will encourage commercial enterprises and foreign investment and create more employment opportunities for the masses in return.

The cryptocurrency bill also includes some big plans for the sector’s development and growth in the near term. The bill discusses the regulatory clarity for businesses that want to issue new tokens and digital coins. There are some also plans for securing and monitoring new payment channels. One government official further explained that the certified organizations would be able to offer tokenized pegs of precious metals and other trade commodities.

Furthermore, the average citizen will be able to use several designated cryptocurrencies as modes of payment. Interestingly, the EU has marked Panama as a great place for the people who want to save money in terms of taxes. K&B Family Office CEO and investment advisory Romain Dromond told the media that the transparency of the bill would affect its advantages. Local constitutional expert Gabriel Silva told the media that the legislation was more open and viable in comparison to the crypto adoption bill of El Salvador.

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