Panamanian Regulators Stand on Cryptocurrencies

PANAMANIAN REGULATORS STAND ON CRYPTOCURRENCIES

Superintendencia del Mercado de Valores de Panamá (SMV)

Key Takeaways:

1. • On bitcoin as a currency: To consider bitcoin as a currency would not be possible, because to date, the Republic of Pana ma has not granted bitcoin or other type of cryptocurrency, any inherent value.
   • On bitcoins as a security: The term security, as defined in the Securities Law, does not contemplate coins or virtual coins; therefore, one cannot consider bitcoin as a security. Circular dated 25-04-2018: Cryptocurrency are “Digital assets that are intended to make purchases, sales or other financial transactions, are created by companies or individuals and are stored electronically on a blockchain, a database that maintains a permanent record of these digital transactions”.
   • On regulation of cryptocurrencies: To date, there is no regulation or supervision of activities related to them.
   • On the need to be licensed: To date, there is no need to obtain a license.
   • On the requirement to report: The activity of exchange or negotiation of bitcoin or other cryptocurrencies, does not require communication or notification to the SMV.
   • On the feasibility to carry-out activities in Panama: To date, it is possible.

Superintendencia de Bancos de Panamá (SBP)

Key Takeaways:

• • On regulation of cryptocurrencies: To date, there is no regulation or supervision of activities related to them.
  • On the need to be licensed: To date, there is no need to obtain a license.
  • On the feasibility to carry-out activities in Panama: To date, it is possible.
    

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