Panama’s pro-crypto congressman Gabriel Silva announced on Twitter on Thursday that the country’s legislature has just approved a bill regulating the use of cryptocurrencies that will help Panama become a hub for innovation and technology in Latin America. Signed by the President of the country.
The bill seeks to regulate the transaction and use of encrypted assets, the issuance of digital value, the tokenization of precious metals and other assets, payment systems and other provisions, and cryptocurrencies will be an effective means of payment for any lawful civil or commercial operation, including to the government Pay taxes, fees and duties.
The law also formally recognizes DAOs (Decentralized Autonomous Organizations) and sets the framework for the country to issue tokenized securities and commodities such as gold and silver through Security Token Offerings (STOs). The bill also hopes to give the government more power to use blockchain technology to create greater transparency through the digitization of the identities of individuals and legal entities.
