The National Assembly of Panama has approved a bill regulating the circulation of crypto assets in the country. It is reported by Reuters.

The regulatory document “regulates the trading and use of crypto assets, the delivery of digital value, the tokenization of precious metals and other assets, payment systems and other areas.”

Congressman Gabriel Silva emphasized that the legalization of cryptocurrencies will help Panama become “the center of innovation and technology in Latin America.”

Aprobada la Ley de Crypto de Panama! America The joint hub of innovation and technology hub in Latin America!

Crypto Law approved in the third debate! This will help Panama become a hub of innovation and technology in Latin America!

— Gabriel Silva (@gabrielsilva8_7) April 28, 2022

“Now I can go and pay the seller for something. And if he wants to accept cryptocurrency, that’s allowed, it’s legal. Nothing like this has ever happened in Panama.” declaration silvia

He added that more than half of the country’s residents are not covered by the banking system, but that the “crypto law” is designed to help them.

According to the document, cryptocurrencies in Panama are now an acceptable form of payment “for any legal civil or business transaction”, including payment of taxes, duties and other fees to the government.

Cryptolaw also officially recognizes Decentralized Autonomous Organizations (DAOs) as legal entities. In addition, the release of tokenized securities and goods is regulated through the STO.

Silva completed work on the bill in September 2021. According to him, the initiative will create “thousands of jobs”, attract investment and “make government transparent”.

Recall that El Salvador was the first country to recognize bitcoin as a legal means of payment. However, a recent study showed a low adoption rate of the first cryptocurrency in the country.