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National Assembly of Panama Advances Cryptocurrency Law Project Discussion

The National Assembly of Panama presented a cryptocurrency law proposal that would regulate cryptocurrency activity in Panama to provide more clarity to this sector.

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National Assembly of Panama Advances Cryptocurrency Law Project Discussion

Two projects were presented to the Assembly's economic affairs commission. The proposal was approved during the first discussion.

Panama moves to regulate crypto assets

Panama is working to regulate crypto assets as well as the businesses that use them. The first step towards regulating cryptocurrency use was taken by the National Assembly of Panama. This is the highest level of legislative organization in Panama. In the first debate, the institution approved a cryptocurrency law project called "Law that regulates crypto assets, the issuance and tokenization of precious metals, payment systems, and other provisions."

The law proposes definitions and concepts regarding cryptocurrencies and blockchain technology. It also addresses the implementation of these tools to simplify state affairs. According to a social media posting by the institution, this approved project is an amalgamation two separate proposals that were presented as law projects 696 or 697.

Gabriel Silva, one of the promoters, first introduced it in September. stated the approved project was subject to some changes during the initial discussion and that he believes it can be improved.

Blockchain for Transparency and Identification

One of the most important propositions in the law project is the inclusion of a Blockchain-based Identification Project that seeks digitization of this Panamanian State duty. The law defines this objective as follows:

Increase the digitalization of State by encouraging the use of blockchain and distributed ledger technology in the digitalization of identity of natural and juridic persons in Panama. This is also a way to make the public function transparent.

This project also identifies the use of blockchain technology to increase transparency in the functions of government as an objective. Similar to similar projects in Latam, this project uses distributed ledger technology for government functions such as tax collection and payments. The Brazilian Blockchain Network is one of these projects. It is being developed to serve as a foundation for other public agencies in the country.