On Thursday, the plenary session of the Panamanian Legislative Assembly approved a bill on the use of cryptocurrencies in the Central American country, with a 40-0 vote.
The new law will consider crypto assets as foreign-source income, which in guidance with Panama’s territorial taxation system, means there will be no taxes on capital gains.
The bill was introduced by Congressman Gabriel Silva eight months ago, who happily tweeted the news, saying:
“This will help Panama become a hub of innovation and technology in Latin America,”
He added:
“[The] only thing missing is for the President to sign it. Thank you to all who helped. This will help create jobs and financial inclusion.”
President Laurentino Cortizo will still need to put his signature on the legislature for it to come into effect. However, since the law passed without opposition, the odds for that to happen are looking good.
Last week, Silva had said that the bill will “give legal stability to crypto assets in Panama [and] develop the crypto industry in the country to attract more investments and generate more employment.”
Aprobada la Ley de Crypto de Panamá! Esto ayudará a que Panamá se vaya consolidando como hub de innovación y tecnología de America Latina!
Crypto Law approved in third debate! This will help Panama become a hub of innovation and technology in Latin America!
— Gabriel Silva (@gabrielsilva8_7) April 28, 2022
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Source: Igaming
