Panama’s securities regulator has confirmed twice, in 2018 and again in 2025, that cryptocurrency and token schemes fall outside its licensing requirements. The country’s securities law never mentions cryptoassets, virtual assets, or tokens, leaving a regulatory vacuum as three legislative proposals await their first debate in the National Assembly.
Crypto Assets in Panamanian Law: Mentions and Regulatory Gaps
Source: see article above
The Superintendency of the Securities Market (SMV) issued Opinion 04-2025 after reviewing a non-custodial platform trading bitcoin and ether. The regulator concluded the platform needs no license or registration because those products sit outside its supervisory perimeter.
Panama Crypto Regulation and the Securities Law Void
The Texto Único of Panama’s securities law contains zero references to cryptoassets, virtual assets, or tokens. This omission forces regulators to issue case-by-case opinions rather than establish a general rule.
In 2018, the SMV examined a token representing gold or equities at the investor’s request. Its response was direct: the token is not considered a security. Seven years later, the same logic applied to a cryptocurrency exchange platform.
Panama Crypto Bills Timeline: March 2025 to Today
Cryptocurrency Use Bill Introduced
The draft bill on the use of cryptocurrencies is presented. The Commerce and Economic Affairs Committee adopts it on 10 April, becoming Bill 247.
Provider Supervision and Registry Bill Introduced
The bill on supervision and registration of providers is presented, aligned with international anti-money laundering standards. Economy and Finance adopts it on 20 August, becoming Bill 326.
Virtual Asset Service Providers Bill Introduced
The third bill, on virtual asset service providers, is presented. Adopted on 28 October in Commerce, it becomes Bill 454.
Superintendency Rules on Non-Custodial Platform
The Superintendency responds to a consultation about a non-custodial platform, concluding that this model does not require a license or registration with the agency.
No First Debate Scheduled
All three bills still have no first debate date on their legislative files. Meanwhile, Latinex says it wants digital assets listed from Panama.
Source: Legislative Tracking Files of the National Assembly, consulted 16 October 2026, and Opinion 04-2025 of the Superintendency of the Securities Market
But the regulator does hold a tool to expand its reach. The law includes any instrument commonly recognized as a security, meaning the SMV could declare certain digital assets as securities without new legislation. Tokenized stocks, which track the price of U.S. equities, illustrate this gray zone. Their main issuer, Backed, calls them securities, and in Europe they trade with a prospectus through regulated firms.
For Panamanian buyers using mobile apps, critical questions remain unanswered. Who issues the token? Where is the underlying asset held? Which authority supervises the platform?
Legislative Stalemate on Virtual Asset Frameworks
Three draft bills on virtual assets entered the Assembly between March and October 2025, none with a scheduled first debate. Bill 247, introduced March 20, addresses cryptocurrency use and was approved by the Commerce and Economic Affairs Committee on April 10.
Bill 326, presented August 6, focuses on supervision and registration of virtual asset service providers under international anti-money laundering standards. The Economy and Finance Committee endorsed it on August 20.
A third proposal, Bill 454, arrived October 15 and targets virtual asset service providers specifically. The Commerce Committee approved it on October 28. A fourth initiative, a financial technology framework law including cryptoassets, was introduced in January 2026.
One bill states the sector grew under legal uncertainty. Another proposes folding virtual asset providers into the anti-money laundering system. The SMV’s 2025 opinion cites Spain’s securities law and the European cryptoasset regulation as reference frameworks already addressing these products.
Market Demand and the Latinex Push for Digital Assets
Olga Cantillo, executive president of Latinex, said that Panama lacks digital assets and exchange-traded funds that can be purchased locally without routing through U.S. or European markets. Latinex wants digital assets listed directly from Panama.
The gap between market demand and legal clarity grows as Panamanians increasingly buy cryptocurrencies and tokenized U.S. stocks through platforms operating in the country. No local authority currently licenses or registers these services.
The SMV’s two opinions respond to specific cases and do not establish binding precedent. Until the Assembly acts, the regulatory perimeter for digital assets in Panama remains defined by absence rather than law.