More and more countries are starting to appreciate the properties of cryptocurrency and blockchain, planning the regulation of these elements to streamline commercial and state adoption.

The “establishing a regulatory framework for cryptocurrency and blockchain usage, and promote a digital economy in Panama” bill was recently introduced to the National Assembly by Substitute Representative Gabriel Solis, seeking to bring clarity to the industry in the country.

The bill defines several key cryptocurrency concepts, introduces licensing and capital requirements for virtual asset service providers (VASPs), creates a new institution for supervising VASPs, and proposes giving tax incentives to crypto-linked companies.

In addition, the bill contemplates the voluntary use of cryptocurrency for commercial transactions in the country, opening the doors for the start of a digital economy in Panama. The figure of blockchain is also proposed to streamline the property registry and public document verification, tax payments, digital identity projects, and official document issuance activities.

Presenting the bill to the assembly, Solis stated:

We’re not talking about the future, we’re talking about the present. With this law, we seek to create a regulatory framework for the development of these technologies. We seek to provide legal certainty and transparency.

The Panamanian assembly already approved a cryptocurrency bill in 2022. However, former President Laurentino Cortizo partially vetoed the law, stating that it could not get sanctioned due to unresolved money laundering issues and possible constitutional violations. The bill set the stage for a faceoff between the assembly and the president, with the latter sending it to the Supreme Court to decide its fate.

Read more: President of Panama Partially Vetoes Crypto Law Passed by National Assembly

Read more: Panamanian Crypto Bill Might Get a Second Wind in the Highest Court of the Country

If passed, this new bill would put Panama at the forefront of crypto regulation, with countries like El Salvador and Brazil, which have already defined regulatory frameworks for these assets.

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