On June 16, Panama congressman Gabriel Silva tweeted that the President Laurentino Cortizo had vetoed the “Crypto Bill” over fears that it would not follow or comply with legal regulations.
Out of all economies in Latin America, Panama is considered to be one of the most stable ones. This is probably one of the chief reasons that its President is looking to pass a crypto law that complies with all economic and anti-money laundering regulations to maintain the country’s status quo.
Anyhow, as per Silva, the lawmakers are currently studying the veto to make the appropriate corrections so that the new crypto law is accepted as soon as possible, creating new jobs and gaining attention of new investments to the country.
Some regulations must be altered to the framework that now governs the nation’s financial system, as per the document given by President Cortizo, in which he partially vetoes the bill.
Cortizo also said that the law must adhere to the current FATF suggestions on fiscal transparency as well as money laundering prevention. When governments agree to the new financial legislation, they must meet two prerequisites.
Until then, Congressman Silva and his staff will have to work hard on the required revisions because the President said that the law was not “subject to sanction”. This hints that Panama is not closing the initiative, but rather wants it to comply with global AML standards.
Even though the Panama National Assembly enacted the Crypto Law in late April, it still required the President of the Republic’s signature. However, the Panama President denied to sign the crypto bill then.
As a result, Congressman Silva tweeted that Panama “deserves more opportunities and also financial inclusion.” He pointed out that for the time being, they must only focus on what President Cortizo vetoed, rather than redoing the complete bill.
“We are studying the veto to make corrections, but we must keep the Law competitive… The discussion must now go to the Government Committee (to check on the unconstitutional) and to the Commerce Committee (to check on the inconvenient)…. Then 2nd and 3rd debate. Only the vetoed is discussed”.
Subsequently, while President Cortizo’s opinion at the time of signing the Law was on the same page with Congressman Silva’s, he is still not a self-proclaimed anti-crypto politician. The President might finish up signing the bill to make Panama enter into the latest crypto hub if it meets all of the anti-money laundering demands.
