A bill regulating bitcoin, DAOs, and blockchain-related firms was vetoed by Panama’s president. He requested more stringent anti-money laundering regulations.
Blockchain-related firms are vetoed
Panama’s economy is one of the most stable in Latin America.
This is most likely one of the reasons why the country’s president wants to establish a crypto law that meets with all economic and anti-money laundering standards in order to retain the status quo.
According to Panamanian congressman Gabriel Silva’s official Twitter account, President Laurentino Cortizo vetoed the “Crypto Bill” on June 16.
Although the Panama National Assembly enacted the Crypto Law in late April, it still required the signature of the President of the Republic, who had already indicated that he would not do so for months.
As a result, Congressman Silva tweeted that Panama “deserves more opportunities and financial inclusion.”
He did, however, point out that, for the time being, they should just review the parts of the measure that President Cortizo vetoed rather than rewriting the entire package.
As a result, while President Cortizo’s attitude at the time of signing the Law differed from Congressman Silva’s, he is not yet a self-proclaimed anti-crypto politician.
If the law to make Panama into a new crypto HUB meets all of the anti-money laundering requirements, the President may sign it.
According to Silva, members are already reviewing the veto in order to make the necessary changes so that the new cryptocurrency law may be enacted as quickly as possible, resulting in the creation of new employment and bringing new investment to the nation.
ALSO READ – BNB Chain Got A Major Upgrade By Ankr Coin
Bill Requires more regulations
Certain 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 measure.
Cortizo further stated that the law must adhere to the new FATF standards for fiscal transparency and money laundering prevention.
When it comes to 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, since the President stated that the law is not “subject to penalty.
“Panama does not oppose the idea but rather wants it to adhere to international anti-money laundering standards.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/06/17/panamas-president-vetoes-countrys-crypto-bill-says-more-regulations-are-needed/