Panama works on legislation for cryptocurrencies
The Central American country launches a legislative initiative that would allow the regulation of crypto assets in the country
A group of deputies recently presented to the National Assembly of Panama a draft law aimed at regulating the use and commercialization of digital currencies in the country.
According to the announcement of the Panamanian body through its Twitter account, in its final provisions, “the bill provides that the regulation of law may be issued within four months after it is promulgated. However, the bill it is still in the debate phase and we will have to wait for this phase to pass, then the amendment phase and then the approval phase.”
At the moment, it is known that the legal document includes concepts such as tokens, blockchain, cryptocurrency mining, digital wallet, trading, taxes on virtual currencies, among others. Undoubtedly, the Panamanian Government seeks to give greater clarity to the issue of cryptocurrencies, in addition to advancing in the regulatory field to give greater tranquility and confidence to those interested.
The document presented to the NA of Panama also reflects the concern of the authorities about aspects such as the use of electronic channels to carry out different transactions, the exchanges authorized for the trading of crypto currencies, the administration and commercialization of these assets.
It is estimated that once the resource is approved, digital currencies will be regulated by the respective entities, such as the Ministry of Industry and Commerce (MICI) and the Ministry of Economy and Finance (MEF). Consequently, penalties will be established for those involved in cryptocurrency trading that are not duly registered or carry out transactions without authorization from the General Directorate of Electronic Commerce (DGCE).
The draft also mentions, in its article 21, “the creation of the Cryptocurrency Fluctuation Reserve Fund, which will be in charge of the administration of one percent (1 %) of the value paid for the tax of operations carried out by cryptocurrencies or digital assets, which will aim to subsidize those who may have cryptocurrencies, that for some reason, disappear.”
M.Pino
Source: cointelegraph
