Panama Passes Law To Regulate Digital Assets; Recognises DAOs.

[Mic Drop]

Panama approved a bill regulating the use of cryptocurrencies in the country. The bill sponsored by Panamanian Congressman Gabriel Silva passed on Thursday and seeks to regulate the trading and use of crypto-assets, the issuance of digital value, tokenisation of precious metals and other assets, and payment systems among many others.

While Panama hasn’t formally recognised Bitcoin as legal tender, the new legislation allows for the free use of crypto as means of payment for any transaction. This means that businesses and individuals retain the right to accept or refuse payments in crypto.

The law also formally recognises Decentralised Autonomous Organisations (DAOs) as legal entities and sets the framework for the country to issue tokenised securities and commodities, like gold and silver, via security token offerings (STOs).

The bill just needs to be signed by the country’s president before it comes into force.

https://decrypt.co/98962/panama-regulate-bitcoin-crypto-daos