Panamanian Legislative Assembly’s Committee Approves Bill Regulating Crypto

• ByStartupStory     |    April 23, 2022

The Panamanian Legislative Assembly’s economic affairs committee approved a bill on 21st April regulating the use of cryptocurrencies in the country.

Congressman Gabriel Silva commenting about the new legislation, said that the new bill seeks to “give legal stability to crypto assets in Panama” and “develop the crypto industry in the country to further attract more investments and generate more employment opportunities”.  “It also looks to have blockchain tech be adopted by the Panamanian government “to help in increasing transparency and efficiency in procedures,” he added.

After receiving the committee’s approval, the bill will now be discussed by the full Assembly during a second debate – where it may receive further modifications – and then be reviewed at a third and final session. After the legislative process is done and dusted, Panamanian President Laurentino Cortizo can veto or sign the law. The bill, presented by Congressman Gabriel Silva, is now all set to go through two more rounds of debate before making it to the President’s desk.

The original text, which was presented by Gabriel Silva, was, however modified, Silva tweeted on Thursday, without specifying what was changed. “For me, it can be improved,” he further said in his tweet.

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