Panama: Supreme Court to rule on crypto legislation

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The debate over the future of Panama’s crypto industry has entered a new phase as the nation’s Supreme Court prepares to rule, as Cointelegraph reported.

According to Cointelegraph, the so-called “crypto bill”, according to Panamanian President Laurentino Cortizo, violates fundamental principles of the constitution and is therefore unenforceable. It sent crypto legislation passed last year to the High Court for review on January 26.

Cointelegraph further noted that the president’s office claims that because sections 34 and 36 of the bill establish administrative structures within government and violate the separation of state powers, they are not enforceable.

Following his partial veto of the bill in June, President Cortizo also claimed that the procedure used to approve the bill was insufficient. The president argued that the legislation needed further work to comply with new rules suggested by the Financial Action Task Force to increase budget transparency and combat money laundering, Cointelegraph noted.

To make the nation “compatible with the digital economy, blockchain, crypto assets, and the internet,” the bill was introduced in September 2021. On April 21, it was removed from the Economic Affairs Committee, and some days later it was approved.

(With information from Cointelegraph)

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