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Panama’s President Not “Ready” to Pass Crypto Regulation Bill

Although the Panamanian Congress passed a bill to regulate crypto assets at the end of April, President Laurentino Cortizo said he would not endorse it as announced today.

The information I have is not enough – I am not going to sign that legislation at this time,” Cortizo said on stage at the Bloomberg New Economy Gateway America Latin at the conference on May 18.

The bill would need to take full anti-money laundering actions to get the signature and seal of presidential approval. Cortizo explained that his legal team will have to analyze the bill and recommend whether it should be passed in whole or in part as written.

I have to be very careful if the law has provisions relating to money laundering, or anti-money laundering. That is very important for Panama.”, he added.

Earlier, lawmakers overwhelmingly voted to pass a bill “regulating the commercialization and use of crypto-assets,” according to a news summary on the Congress website.

Cortizo also stated his view that the world needs global crypto regulation.

It’s an innovation law from what I’ve heard, it’s a good thing. However, here we have a solid financial system and one of the things I am looking forward to is when the world has global regulation of crypto assets.