Crypto News
| Published On Apr 29, 2022 3:07 am CEST | By Peter Siu

Panama Passes Crypto Regulation, No Taxes on Capital Gains

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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:

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“[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.”

Peter Siu

Peter is a former poker-pro, turned crypto enthusiast with 8+ years’ experience in operational roles dealing with all online gaming verticals within large iGaming companies, including Flutter and Entain. Now an expert in the field of Sports Betting, Casino, iGaming, and Poker, he is our team leader and editor. When not working, Peter can be found in the gym or playing sports like football, tennis and more recently padel.