Crypto Asset activities company in Panama

We are suggesting full support with Crypto Asset activities in Panama from scratch.

Panama does not currently have a virtual asset service legal framework in force. The Panamanian National Assembly passed a bill regulating virtual asset services in October 2022 (bill 697 of 2021, which regulates the commercialization and use of Virtual Assets and Virtual Asset Service Providers). The Government sent the bill to the Supreme Court of Justice last January as it refused to sanction the bill "for reasons of inconvenience and unenforceability".

Among the considerations made by the Government when objecting to the bill passed by the National Assembly, it is specified that the legislative initiative requires "adaptation" to the norms that regulate the financial system and the Panamanian monetary system.

Therefore, the Supreme Court of Justice ruled that the bill was not constitutional and such bill has been repealed. New legislation will be enacted but it remains to see when.

When it comes to existing legislation that could apply to virtual assets, investment businesses are regulated under the Decree Law 1 of 1999 and laws amending it, and Title II of Law 67 of 2011, (modified by Law No. 12 of the 3rd of April of 2012, and Law No. 56 of 2nd of October of 2012) Of the securities market in the Republic of Panama and the Superintendence of the Securities Market.

The Decree Law regulates the following activities -

1. Registration of securities and authorization of public offers of securities.
2. Investment advisory services.
3. Acting as intermediaries in respect of securities and financial instruments.
4. Opening and managing investment and custody accounts.
5. Administration of investment companies.
6. Custody and deposit of securities.
7. Administration of systems of trading securities and financial instruments.
8. Compensation and settlement of securities and financial instruments.
9. Credit rating.
10. The service of providing information about securities prices.
11. Self‐regulation as referred in the Securities Market Law.
12. Providing information to the securities market, including gathering and processing of such information.
13. Other activities contemplated in the Securities Market Law or determined by other laws, provided always that they represent the activities of handling, utilizing and investing resources obtained from the public in securities or financial instruments.