As cryptocurrencies began to dominate internationally, countries such as El Salvador and most recently, Panama are adopting rules to allow for a crypto-inclusive world. These countries are being seen as a front runner for crypto regulations and are inspiring other countries to implement similar regulations.
Panama is currently drafting crypto laws that have the potential to open its economy to new business pertaining to digital currencies. This legislation is focused on opening up the economy to blockchain, tokenization, and crypto assets in general. It also will allow Panamanians to not only utilize Bitcoin, but also Ethereum, Ripple, Litecoin, etc.
David Szalyga, Corporate Associate at Warren Law Group states, "recent developments indicate that Panama may well soon position itself as a major hub in Latin America's emerging crypto ecosystem. Panama's position will likely accelerate once regulatory clarity is finally achieved, which would then encourage further investment in crypto ventures there."
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