“Preventing Money Laundering is very important to us,” said Panama President Laurentino Cortizo.
The president of Panama, Laurentino Cortizo, stated that there should be anti-money laundering legislation in crypto law.
Cortizo said that the Crypto bill needs to pass regulatory checks and more information needs to be gathered. The President stated that he approved certain aspects of the bill, but that more attention should be paid to illegal uses.
I will not sign this law at this time. If there are provisions in the law regarding money laundering activities, Anti-Money Laundering activities are very important to us.
Panama’s “Crypto Law” was passed in the National Assembly after the third debate on April 28.
Law draft, It aims to regulate the trading and use of crypto assets, the extraction of digital value, the tokenization of precious metals.
If the Panama Crypto Law is passed, it will give residents and businesses the option to use and accept cryptocurrency. Also, many businesses will not need a special license to accept crypto.
Congressman Gabriel Silva stated that the passage of the Crypto Law will help promote financial inclusion and create additional employment opportunities in Panama.
Economist Ernesto Bazán urged President Cortizo to veto the law, claiming that the lack of clear regulations in the country is unlikely to inspire confidence in cryptocurrencies and would put the financial stability of banks and the local economy at risk.
“Having competent professionals, supervisory capacity and competence in such a new and specialized subject is crucial,” he said.
He also said, “Weak regulation will open a window of opportunity for greater fraud, cyber-attacks and criminal activity that will lead to loss of trust in the country and the International Banking Centre. We expect a veto of the law and a thorough analysis.”