TechFlow news — On March 29, according to Cryptoslate, Panama released a comprehensive draft bill aimed at regulating cryptocurrencies and promoting the development of blockchain services. Under the bill, digital assets are recognized as legitimate means of payment, allowing individuals and businesses to freely agree on their use in commercial and civil contracts. The explicit authorization permits the use of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and stablecoins to purchase goods, pay for services, and settle debts, provided both parties consent.
The draft also establishes a regulatory framework for virtual asset service providers (VASPs), including wallets, exchanges, and custody platforms. Each company must register in a national database managed by the Financial Analysis Unit (UAF) and obtain proper authorization before offering services in Panama. The bill mandates compliance with KYC and anti-money laundering (AML) guidelines in accordance with recommendations from the Financial Action Task Force (FATF). Furthermore, any entity operating unregistered or non-compliant may face administrative sanctions or criminal penalties.
