Panama has proposed a comprehensive draft bill to regulate cryptocurrencies and promote blockchain technology. The legislation recognizes digital assets like Bitcoin, Ethereum, and stablecoins as legal payment methods for voluntary use in commercial and civil contracts. It establishes a framework for Virtual Asset Service Providers (VASPs), requiring them to register with the Financial Analysis Unit (UAF) and adhere to KYC and AML regulations, with penalties for non-compliance. The bill also encourages the use of blockchain for public governance, including digital identity systems and tokenized securities, to improve transparency and efficiency. The draft is set for discussion in Congress soon.
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