Legislators in Panama’s National Assembly on Thursday approved a bill to legalize, regulate the use and commercialization of crypto assets in the Central American country renowned as a hub of offshore financial services.
The bill opens the door to private and public use of crypto assets, and will make it possible for people to pay their taxes with cryptocurrencies.
Panama won’t be charging capital gains on Bitcoin, something that has been regarded as a pain point for investors around the world.
However, the country isn’t planning to follow in the footsteps of El Salvador and the Central African Republic by adopting Bitcoin as legal tender.
The new law means that citizens will be able to pay their taxes using digital assets — and the Central American country, already regarded as a hub for offshore financial services, could end up attracting crypto businesses.
Crucially, Panama won’t be charging capital gains on Bitcoin, something that has been regarded as a pain point for investors around the world.
Although the president still needs to sign the bill before it becomes law, it received an overwhelming majority in the country’s parliament.
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