The Panama Crypto Conundrum – A Second Wind in the Highest Court?
The new Panama crypto law has been in the news recently as it has been stuck in legal limbo. But, could the Panamanian Supreme Court be the wind that the bill needs to finally pass?
Word on the Street
As anyone working in the crypto biz will tell you, the Panamanian government’s handling of the regulation of crypto have been a bit turbulent. The Panama crypto bill was first proposed in 2017 and it has had its share of highs and lows. It was recently stalled due to legal challenges from locals.
However, the Panamanian Supreme Court is set to hear the case sometime soon, and many people in the Panamanian crypto community are hopeful that the court will give the bill the green light it needs.
What’s Inside This Crypto Pack?
The bill is more than just a single piece of regulation. It contains provisions for the regulation of both domestic and foreign exchanges that operate in Panama. It also contains licensing requirements for businesses engaged in cryptocurrency-related activities.
Among other things, it broadly defines what qualifies as a “cryptocurrency” as well as specific types of tokens, such as utility and security tokens. It also sets out reporting requirements and provides guidance on when businesses need to obtain a registration license.
So, if the bill passes, Panamanian crypto businesses will have a more clear framework to follow in order to register, obtain a license and stay in compliance with Panamanian law.
A Slippery Slope
Of course, the bill is not without controversy. Opponents fear that it could open the door to money laundering or other criminal activities. Panamanians have also raised concerns about the legal enforceability of the bill and whether or not there would be sufficient penalties in place for businesses that violate the rules.
Ultimately, it will be up to the court to decide whether or not the bill should pass and become law.
Final Takeaways
No one can predict how the Panamanian Supreme Court will rule, but what is certain is that the Panama crypto bill could finally get a second wind in this high court. For those in the know, it’s a wait and see approach. But, the possibility of having a solid legal framework that can pave the way for individuals and businesses to start taking advantage of the crypto revolution is definitely cause for excitement.
So, buckle up, Panama crypto fans! The ride might just get a whole lot more interesting.
