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Panama’s President Partially Vetoes The Country’s Crypto Bill



Panama’s president vetoed a law that would regulate bitcoin, DAOs, and blockchain-related businesses. He asked for stricter AML measures.

Panama is considered one of the most stable economies in Latin America. This is probably one of the reasons its President wants to pass a crypto law that complies with all economic and anti-money laundering regulations to maintain the country’s statu quo.

On June 16, Panamanian congressman Gabriel Silva announced on his official Twitter account that President Laurentino Cortizo had vetoed the “Crypto Bill” over fears that it would not comply with specific legal regulations.

However, according to Silva, the lawmakers are already studying the veto to make the proper corrections so that the new cryptocurrency law is approved as soon as possible, generating new jobs and attracting new investments to the country.

Tweet about Panama's crypto bill
Source; Twitter

Panama’s Crypto Bill Needs Some Tweaking

According to the document sent by President Cortizo, in which he partially vetoes the bill, certain laws must be adapted to the framework that currently rules the country’s financial system.

Cortizo also indicated that the bill must comply with the new FATF recommendations on fiscal transparency and the prevention of money laundering. Two mandatory conditions for governments when approving new financial laws.

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