Yugocean
Valued Contributor
President Laurentino Cortizo has partially vetoed Bill No. 697 (the crypto bill), which was enacted by the Panamanian National Assembly in April.
Panama congressman Gabriel Silva backed the notion of incorporating cryptocurrencies into the system during the Bitcoin conference in Miami in June 2021. In September 2021, Silva introduced the Crypto Bill in the Panamanian Assembly, and on April 30, 2022, the Assembly passed the bill, which was then delivered to crypto-unfriendly President Cortizo for approval, who was initially hesitant.
In his 32-page veto, Cortizo demanded that the cryptocurrency bill conform to new norms established by the "Financial Action Task Force" (FATF) for "fiscal transparency and money laundering prevention".
The law could have turned Panama into a crypto and blockchain hotspot, but now the country have a veto challenge. However, according to Silva, lawmakers are already looking into how to make the necessary changes, the Assembly may adopt the bill again after certain amendments.
Panama congressman Gabriel Silva backed the notion of incorporating cryptocurrencies into the system during the Bitcoin conference in Miami in June 2021. In September 2021, Silva introduced the Crypto Bill in the Panamanian Assembly, and on April 30, 2022, the Assembly passed the bill, which was then delivered to crypto-unfriendly President Cortizo for approval, who was initially hesitant.
In his 32-page veto, Cortizo demanded that the cryptocurrency bill conform to new norms established by the "Financial Action Task Force" (FATF) for "fiscal transparency and money laundering prevention".
The law could have turned Panama into a crypto and blockchain hotspot, but now the country have a veto challenge. However, according to Silva, lawmakers are already looking into how to make the necessary changes, the Assembly may adopt the bill again after certain amendments.
