Discussions have started in Panama regarding two crypto-focused bills.
Members of the Panamanian Trade and Economic Affairs Commission, which is part of the National Assembly in the country, began discussing two bills related to cryptoassets.
It was announced that a subcommittee would be formed to examine whether two crypto-focused bills from different representatives should be merged in October. Bill 696, introduced by Cenobia Vargas in August, aims to regulate cryptocurrencies, tokens, NFTs and blockchain technology used in Panama. This bill proposes to regulate leading crypto assets Bitcoin, Ethereum, Tether, Elrond and a controversial token called Token 7UT. The latter, numbered
697, represents a wide-ranging crypto law first introduced in September by independent congressman Gabriel Silva, specifically referring to Bitcoin and Ethereum as types of crypto assets. The bill in question focuses on the country’s benefit from this area.
MPs will now defend their own bills and answer questions from other members. As a result, a decision will be made either to combine the bills or to bring a bill to the National Assembly. If the Committee votes yes on a bill, the bill will go to Parliament for re-decision. If a majority of the members of the legislature also vote “yes” to the bill, the bill will eventually go to the president of Panama for approval or veto.
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