{"id":47652,"date":"2022-05-20T14:47:36","date_gmt":"2022-05-20T12:47:36","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=47652"},"modified":"2022-05-20T14:47:36","modified_gmt":"2022-05-20T12:47:36","slug":"panama-presidents-moratorium-on-cryptocurrency-legalization","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/panama-presidents-moratorium-on-cryptocurrency-legalization\/","title":{"rendered":"Panama President’s Moratorium On Cryptocurrency Legalization"},"content":{"rendered":"

Panama\u2019s President, Laurentino Cortizo, declared his refusal to authorize a law regulating cryptocurrencies<\/strong> in the country unless stronger money laundering clauses<\/strong> are introduced in the current bill. <\/p>\n

At the Bloomberg New Economy Gateway Latin America event, Cortizo, said he\u2019ll r<\/strong>efuse to sign a law regulating the use of cryptocurrency until it contains tougher anti-money laundering specifications.<\/strong> He said he would sanction some parts of the law while vetoing others emphasizing that, “Anti-money laundering activities are very important to us”<\/strong>. Cortizo, added,<\/p>\n

\u201cIf I\u2019m going to answer you right now with the information that I have, which is not enough, I will not sign that law. I have to be very careful if the law has clauses related to money laundering activities.”<\/em><\/p>\n

\"Panama<\/p>\n

Why Is Stricter Money Laundering Clause Needed In Panama?<\/h2>\n

\"Panama<\/p>\n

According to reports<\/a>, Cortizo, explained that Panama has been trying to shift from global money laundering and terrorist financing watchdog Financial Action Task Force’s (FATF) “grey list”<\/strong>. Earlier FATF had registered Panama on its list of \u201cjurisdictions with strategic deficiencies\u201d<\/strong> in combating money laundering. Cortizo\u2019s administration has pledged to implement the task force\u2019s recommendations and toughen controls on dirty money.<\/p>\n

Although referring to the bill as a \u201cgood law”,<\/strong>\u00a0Cortizo, seems to be awaiting a diktat on global regulation of crypto-assets. He remarked,<\/p>\n

“It is an innovative law from what I have heard, it\u2019s a good law. However, we do have a solid financial system here in Panama and one of the things I\u2019m waiting on is when you have a global regulation of crypto-assets.”<\/em><\/p>\n

What Does The New Crypto Bill Say?<\/h2>\n

\"Panama<\/p>\n

As per Panama’s legislation, cryptocurrencies cannot become a legal tender but only a means of payment for any transaction.<\/strong> The bill will also allows digital asset companies to establish operations in the country in accordance with Panama’s territorial taxation system.\u00a0<\/strong>The crypto bill would initiate a structure treating crypto assets as foreign-source income which means there won’t be any taxes on capital gains<\/strong>.<\/p>\n

Last month, lawmakers in Panama’s National Assembly approved<\/a> a bill to regulate the use and commercialization of crypto assets<\/strong> in the Central American country renowned as a hub of offshore financial services.<\/p>\n

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Aprobada la Ley de Crypto de Panam\u00e1! Esto ayudar\u00e1 a que Panam\u00e1 se vaya consolidando como hub de innovaci\u00f3n y tecnolog\u00eda de America Latina! <\/p>\n

Crypto Law approved in third debate! This will help Panama become a hub of innovation and technology in Latin America!<\/p>\n

— Gabriel Silva (@gabrielsilva8_7) April 28, 2022<\/a><\/p><\/blockquote>\n