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Panama’s economy is regarded as one of the most stable in Latin America. This is likely one of the reasons the country’s President wants to establish a crypto law that complies with all economic and anti-money laundering standards to maintain the status quo. President Laurentino Cortizo vetoed the “Crypto Bill” on June 16, according to Panamanian legislator Gabriel Silva’s official Twitter account. According to Silva, parliamentarians are already reviewing the veto to make the necessary changes to enact the new cryptocurrency law as quickly as possible, creating new jobs and attracting new investment to the country.

Panama’s Crypto Bill Requires Modifications

Specific regulations must be changed to the framework that now governs the country’s financial system, according to a document given by President Cortizo, in which he partially vetoes the bill. Cortizo further stated that the law must adhere to the new FATF standards for fiscal transparency and money laundering prevention. When establishing new financial regulations, governments must meet two requirements.

For the time being, Congressman Silva and his colleagues will have to focus their efforts on the necessary revisions, as the President stated that the law is not “subject to penalty.” Panama is not closing the project’s doors but wants it to comply with international anti-money laundering standards.

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