Panama's National Assembly approves law to regulate cryptocurrencies and taxes will remain at 0% for crypto capital

Finally the Assembly Panama approves the bill presented by Congressman Gabriel Silva, which raises great benefits for traders and companies in the crypto sector who wish to establish themselves within the Central American country.

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During the session held today, the National Assembly of Panama approved a new bill that regulates the use of cryptocurrencies in the Central American nation.

National Assembly of Panama approves bill to regulate cryptocurrencies

The announcement was made by independent congressman Gabriel Silva, who has been working for months to present the bill, which he said at the time that it aimed to boost the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. economy within the country, while providing greater transparency to public administration by making the nation compatible with cryptocurrencies, the technology Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. and other related ones.

The tweet posted by Silva today reads as follows:

Panama’s Crypto Law Approved! This will help Panama to consolidate as an innovation and technology hub in Latin America!

Crypto Law approved in third debate! This will help Panama become a hub of innovation and technology in Latin America!

– Gabriel Silva (@gabrielsilva8_7) April 28, 2022

The congressman took the opportunity to thank all those who supported the initiative, which only awaits the signature of the president of the nation, Laurentino Cortizo, to finally enter into force, although he could also veto it if he considers that it does not meet current needs.

According to information published by local media, the bill aims to regulate the trade and use of cryptoassets, as well as to provide a framework for the issuance of digital securities, tokenization of precious metals and other assets, also contemplating guidelines for payment systems and other provisions. In this regard, Silva said that the goal is that these assets have legal stability, so that the country’s crypto-industry can attract more investors, while generating more local jobs.

Previously, this initiative was approved last week by the Economic Affairs Committee of the National Assembly of Panama The feedback received was very positive about the approach and principles set out.

Not the same approach as in El Salvador

Framing this effort in what some call the “The El Salvador Effect The recently approved project follows a similar path to the one promoted by the Central American nation, with the difference that it does not propose converting Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. or to a specific digital currency currency is a medium of exchange that defines value. in legal tender.

One of the most interesting provisions raised in the approved draft is that cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. trading transactions are exempted from the payment of the Income Tax which was originally set at 4% of recorded profits. This was ruled in an amendment to subparagraph (d) of the article 1057-V of the Fiscal Code the action of coding is to write programming statements for a program. l:

While this is expected to have a positive impact on the perception of the country for crypto companies operating regionally, let’s keep in mind that at the moment only El Salvador has facilities for the crypto industry in general. It still remains for President Cortizo to formally approve the bill, so there is still an important step to materialize the fact.

Recently, the Central African Republic confirmed that it is formalizing the Bitcoin as legal tender at the local level.