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Panama Lawmaker presents a bill to regulate cryptocurrencies

Lawmaker Presents Bill to Regulate Cryptocurrencies in Panama

A Panamanian lawmaker introduced a bill in the National Assembly to regulate cryptocurrency. The bill includes proposals for legalizing cryptocurrencies like bitcoin and ethereum as a method of payment, and even to pay taxes.

Proposed Crypto Law will ‘Give Legal Security and Safety to Crypto Assets In Panama ‘

As the Bitcoin Law went into effect in El Salvador making BTC legal tender, Panamanian legislator Gabriel Silva tweeted on Sept. 7, “Today we proposed the Crypto Law.” He elaborated:

We want Panama to be compatible with blockchain, cryptoassets, and the internet. This could create jobs, attract investments and bring transparency.

The draft law that he presented to the National Assembly is called “Crypto Law: Making Panama compatible the digital economy, Blockchain, cryptoassets and the internet .”

Silva stated that the law “seeks revolutionize public administration making it transparent and innovative, as well as promoting a digital economy which reaches most citizens .”

Illustration of the proposed Crypto Law. Source: Gabriel Silva

The lawmaker then outlined three main objectives of the bill. He explained that the first objective is to provide legal certainty and safety for crypto assets in Panama.

The second is to “attract investment and encourage entrepreneurship” in Panama, he said. He also noted that this will create jobs.

The third is to “broaden Panama’s financial services, guaranteeing better prices for all .”

Illustration of the proposed Crypto Law. Source: Gabriel Silva

The proposed law also addresses crypto assets in Panama. The bill’s 8th article states that “Natural persons located within the Republic of Panama and legal entities organized in Panama may freely consent to the use of cryptoassets, without limitation bitcoin or ethereum as means of payment in civil or commercial operations not prohibited by law of the Republic of Panama “.

Furthermore Article 9 discusses the “Possibility to pay taxes, fees, and other tax obligations using cryptoassets.”

The bodies and entities of the Republic of Panama may receive payments, directly or through payment processors or agents contracted for this purpose, for taxes, fees and other tax obligations in cryptoassets, including without limitation bitcoin and ethereum.

Silva emphasized that “Panama cannot be left behind in technological innovations.” The proposed crypto law can be found here.

What do you think about this proposed crypto law in Panama? Comment below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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