The President of Panama has refused to sign new crypto-related legislation into law. He cited the need for more stringent anti-money laundering (AML) security measures. Instead, the nation’s legislative assembly passed a bill primarily concerned with licensing cryptocurrency exchanges and monitoring transactions. The president, Laurentino Cortizo, stated that the bill calls for stricter regulation of cryptocurrencies. During his participation in the Bloomberg Latin America conference in Panama City, President Cotizo delivered a speech. He does not oppose cryptocurrencies but insists that the market adheres to international AML standards. He said, “I will not sign the law if I can’t convince you with the information I have at this time. If the law includes provisions on money laundering, I must exercise extreme caution. Our society places a high value on the fight against money laundering.” A lawmaker even proposed legislation that would have made bitcoin legal tender, but the idea never saw daylight. Instead, the national assembly approved a law that allows the use of cryptocurrency to pay for various goods and services. It also intends to establish a government-issued digital wallet to bolster the legitimacy of this process. Panama Delays Cryptocurrency Legalization Panama announced a few months ago that it would work harder to keep track of all digital assets and foreign exchange assets in the country. The president must sig...
