The President of Panama, Laurentino Cortizo has said that he would not sign the Crypto bill governing the adoption of cryptocurrencies until it comprises stricter anti-money laundering provisions.
The bill permits for private as well as public use of crypto assets, furthermore the payment of taxes with cryptocurrency. Experts have warned that it could damage Panama’s image as a financial backwater.
The lawmakers in Panama’s National Assembly accepted the bill on April 28th which will decide the employment and sale of crypto assets in the Central American country popular for its offshore financial services hub.
Anyhow, the bill needs the sign of the president to become a law, and Cortizo said that he wanted complete assurance that it meets global anti-money laundering norms.
“If I’m going to answer you right now with the information that I have, which is not enough, I will not sign that law. I have to be very careful if the law has clauses related to money laundering activities. Anti-money laundering activities are very important to us” Cortizo commented.
Cortizo said that he may approve some sections of the measure while vetoing others. He is going through the bill along with his lawyers and can offer a referral.
“It is an innovative law from what I have heard, it’s a good law. However, we do have a solid financial system here in Panama and one of the things I’m waiting on is when you have a global regulation of crypto-assets,” remarked Cortizo.
Read more Policy & Regulations News on The Crypto Times.