Panama’s National Assembly has prepared a draught cryptocurrency law to regulate the market and increase the country’s blockchain sector’s transparency. The proposal is composed of two distinct recommendations made during the Assembly’s Economic Affairs Committee meeting.
Panama defines the crypto market
The Panamanian National Assembly, the country’s highest legislative body, has taken the initial steps toward regulating the cryptocurrency industry.
According to reports, the institution has adopted legislation named “Law regulating the commercialization and use of cryptocurrency assets, the issuance of digital assets, the tokenization of precious metal and other commodities, payment systems and other regulations.”
The bill includes definitions for the crypto industry, blockchain technology, and regulatory issues around using such decentralized tools to streamline state institutions. To be accurate, the adopted measure is a mash-up of two previous proposals, bills 696 and 697.
Gabriel Silva, one of the bill’s advocates who initially introduced it into parliamentary circulation in September, stated that the approved bill had undergone some revisions during its initial discussion in parliament. He believed it could be improved further.