Crypto Regulations in Panama Take a New Turn as a Working Committee Meets
On Feb 22, a committee of lawmakers in Panama met to discuss two crypto-focused bills. The meeting preceded any routine regulatory procedures for a bill to become a law.
Crypto Regulatory Discussions to Start Soon in Panama
Members of Panama’s Commerce and Economic Affairs Commission and part of the country’s National Assembly discussed crypto regulation on Tuesday. That committee was tasked to determine whether they should merge the two bills into one.
The bills in questions 696 and 697 were to undergo the committee’s lens before heading to the National Assembly for more comprehensive discussions. The committee had reported earlier on October 2021 that a subcommittee would be formed to examine the unification of the bills.
The National Assembly also posted tweets on the developments regarding the two bills. It said that they were introduced in the Economics Affairs Commission. The bills would help bolster the fintech industry to put Panama at the front of the digital economy. However, they didn’t offer more information regarding their discussions.
More on Panama’s Crypto Regulatory Bills
The two bills were presented by different representatives, both addressing cryptocurrency but having different structures. Bill 696 was introduced by representative Cenobia Vargas in August. It seeks to regulate Panama’s cryptos, NFTs, tokens, and blockchain-related technology.
It also recommended the regulation of five cryptos: Bitcoin(BTC), Ethereum(ETH), Tether(USDT), Token 7UT, and Elrond.
The second one, 697, was introduced by congressman Gabriel Silva. It proposes a wide range of crypto laws that specifically stresses Bitcoin and Ethereum. It focuses on helping the country catch up with the digital economy era and the internet.
The World Advances in Crypto Regulation
Since H2 of 2021, crypto regulatory developments have made headlines globally. Many countries like the US, China, Russia, India, UAE, Kazakhstan, El Salvador, Panama, and others have addressed the issue differently. In September, China shook the word after finally winning their ‘war’ against cryptocurrencies by imposing a blanket ban.
India and Russia almost followed in the footsteps of the Asian mega economy, but their lawmakers chose different paths. India is not yet through with the regulation of digital assets but has legalized their trading by slapping a 30% capital gains tax. Yesterday, the ASCI also released regulatory guidelines for crypto advertisement.
On the other hand, Russia is still in the process of drafting a crypto regulatory framework. Currently, lawmakers have opened a window to allow citizens to suggest the best way to regulate the assets. However, the Bank of Russia is against all that as it is almost through with testing its digital Rubble. It wants the government to ban all cryptos in favor of their CBDC.
The US is also bracing for the rollout of an executive order from the White House. The order will issue directives on the country’s crypto regulation stance. The order is expected to drop within the next four days but may delay as Russia has already invaded Ukraine. The Russia-Ukraine crisis may delay crypto regulation in the US as the government will be occupied with solving the situation.
Now, the world is witnessing the most significant time in the history of cryptocurrency as governments are preparing to legalize it. Therefore it is best to keep updated as regulation will change the market entirely.
