Panama’s President Laurentino Cortizo has partially vetoed Bill No. 697, dubbed the “crypto bill,” saying it requires more work to better fit Panama’s financial regulations.

President Cortizo previously warned in May he wouldn’t sign the bill unless it included additional Anti-Money Laundering (AML) rules after Panama’s National Assembly passed the crypto bill in late April 2022.

Local media outlet La Prenda obtained a copy of the 32-page veto, reporting the president wrote it’s “imperative” the cryptocurrency laws conform to new regulations recommended by the Financial Action Task Force (FATF) outlining “fiscal transparency and prevention of money laundering.”

President Cortizo has previously described the legislation as an “innovative law,” and indicated approval of certain aspects of the bill but has said possible illicit uses of cryptocurrencies needed addressing.

Congressman Gabriel Silva who helped introduce the bill in September 2021 tweeted on Thursday that (according to a translation) the veto was “a lost opportunity to generate jobs, attract investment and incorporate technology and innovation in the public sector.”

“The country deserves more opportunities and financial inclusion,” Silva added, saying Congress will…


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