Panama Crypto Law Aims To Make The Country A Bitcoin Hub
Main Idea
Panama's new crypto law, Bill No. 247, aims to establish the country as a Bitcoin hub by creating a clear legal framework for cryptocurrencies, aligning with FATF recommendations, and offering tax incentives for blockchain startups.
Key Points
1. The law, known as Bill No. 247, recognizes Bitcoin, Ethereum, and stablecoins as valid payment methods under mutual agreement.
2. It requires licensing of Virtual Asset Service Providers and mandates compliance with KYC and AML standards aligned with FATF recommendations.
3. The law includes tax exemptions for up to five years for blockchain startups and preferential treatment to attract digital businesses.
4. Panama's previous crypto law, Bill No. 697, was declared inapplicable by the Supreme Court in 2023, serving as a learning experience for the current legislation.
5. The law aims to position Panama as a 'safe harbor' for digital citizens and businesses, leveraging lessons from El Salvador's Bitcoin Law.
Description
Bitcoin is having an important performance and Panama is trying to atract capital, companies and investors iwith a new and friendly crypto law.
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