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Panama president wants the crypto bill to comply with AML laws

Panama
Panama

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Central American countries have been embracing the cryptocurrency market, and over the past year, nations like El Salvador have gone from not only endorsing crypto but also making Bitcoin legal tender.

Panama is a stable economy in the region, and its president has now vetoed a law that will regulate cryptocurrency products, including Bitcoin, decentralized autonomous organizations (DAOs), and blockchain businesses.

Panama president vetoes crypto bill

As one of the most stable economies in Latin America, Panama wants to ensure that its cryptocurrency adoption process goes as smoothly as possible. The country’s president wants to pass a cryptocurrency law that will comply with the economic and anti-money laundering (AML) regulations. Such regulations will maintain the country’s status quo.

The country’s president, Laurentino Cortizo, has vetoed the “Crypto Bill” out of fear of failing to comply with the set regulations. Congressman Gabriel Silva said that the lawmakers were looking at the veto to make the necessary changes and ensure that the law is passed as soon as possible.

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Silva noted that once this bill is passed after the needed changes are made, it could create new job opportunities and attract new investments in the country. Cryptocurrency businesses tend to flourish in areas where the regulatory framework is friendly.

Panama’s president wants changes to the crypto bill

Panama’s president said that this new bill should comply with the new recommendations of the Financial Action Task Force (FATF). These recommendations will focus on the transparency of the financial system and the prevention of money laundering.

Congressman Silva and those supporting the bill will now have to work on the amendments requested by the project. However, the president has assured that the bill was not “subject to sanctions” but only needed tweaking to comply with the international AML standards.

The National Assembly of Panama passed the crypto bill in April this year. The bill requires the president’s signature to be passed into law. Silva noted that at the moment, lawmakers would only focus on changing the vetoed parts, not redoing the bill.

“We are studying the veto to make corrections, but we must keep the law competitive… The discussion must now go to the Government Committee (to check on the unconstitutional) and to the Commerce Committee (to check on the inconvenient)… Then 2nd and 3rd debate. Only the vetoed is discussed,” Silva added.

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