{"id":18105,"date":"2026-10-19T06:47:00","date_gmt":"2026-10-19T11:47:00","guid":{"rendered":"https:\/\/expat-times.com\/panama\/?p=18105"},"modified":"2026-10-18T10:02:09","modified_gmt":"2026-10-18T15:02:09","slug":"confirmed-2x-the-concealed-loophole-in-panama-crypto-regulation","status":"publish","type":"post","link":"https:\/\/expat-times.com\/panama\/business-economy\/confirmed-2x-the-concealed-loophole-in-panama-crypto-regulation\/","title":{"rendered":"Confirmed 2x &#8211; The Concealed Loophole in Panama Crypto Regulation"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Panama&#8217;s securities regulator has confirmed twice, in 2018 and again in 2025, that cryptocurrency and token schemes fall outside its licensing requirements. The country&#8217;s securities law never mentions <a href=\"https:\/\/en.wikipedia.org\/wiki\/Cryptoasset\" target=\"_blank\" rel=\"noopener noreferrer\">cryptoassets<\/a>, virtual assets, or tokens, leaving a <a href=\"https:\/\/expat-times.com\/panama\/environment-wildlife\/coral-ecosystem-law-shields-25-of-marine-life-instantly-in-panama\/\" rel=\"internal\">regulatory vacuum<\/a> as three legislative proposals await their first debate in the <a href=\"https:\/\/expat-times.com\/panama\/business-economy\/new-recommendations-for-panamanian-2027-budget-panel-backs-199-1-million-spending-shift\/\" rel=\"internal\">National Assembly<\/a>.<\/p>\n\n\n\n<figure class=\"et-diagram et-diagram--auto\" itemscope itemtype=\"https:\/\/schema.org\/ImageObject\"><style>.et-diagram {\n  --et-bg: #ffffff;\n  --et-surface: #f7f9fb;\n  --et-surface-alt: #eef4f9;\n  --et-border: #dfe7ee;\n  --et-border-strong: #c2ced8;\n  --et-text: #0f1b29;\n  --et-text-muted: #556576;\n  --et-primary: #0a5fa8;\n  --et-primary-dark: #084a82;\n  --et-primary-soft: #e3eefa;\n  --et-accent: #cb4739;\n  --et-accent-dark: #a5372c;\n  --et-gold: #d9a441;\n  --et-success: #2e9e5b;\n  --et-warning: #e08c1a;\n  --et-danger: #cf3d3d;\n  --et-font: -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, \"Helvetica Neue\", Arial, sans-serif;\n  --et-mono: ui-monospace, SFMono-Regular, \"SF Mono\", Menlo, Consolas, monospace;\n  --et-radius-sm: 6px;\n  --et-radius: 10px;\n  --et-radius-lg: 14px;\n}\n.et-diagram {\n  font-family: var(--et-font) !important;\n  color: var(--et-text) !important;\n  line-height: 1.55 !important;\n  margin: clamp(18px, 3vw, 32px) 0 !important;\n  padding: 0 !important;\n  max-width: 100% !important;\n  box-sizing: border-box !important;\n  background: var(--et-bg) !important;\n  border: 1px solid var(--et-border) !important;\n  border-radius: var(--et-radius-lg) !important;\n  overflow: hidden !important;\n  text-align: left !important;\n  display: block !important;\n}\n.et-diagram *,\n.et-diagram *::before,\n.et-diagram *::after { box-sizing: border-box !important; }\n.et-diagram .et-diagram__header {\n  display: flex !important;\n  align-items: center !important;\n  gap: clamp(8px, 1.5vw, 14px) !important;\n  padding: clamp(10px, 1.8vw, 14px) clamp(12px, 2.2vw, 20px) !important;\n  margin: 0 !important;\n  border-bottom: 1px solid var(--et-border) !important;\n  background: linear-gradient(135deg, #f7f9fb 0%, #eef4f9 100%) !important;\n  position: relative !important;\n}\n.et-diagram .et-diagram__header::after {\n  content: '' !important;\n  position: absolute !important;\n  left: 0 !important;\n  right: 0 !important;\n  bottom: -1px !important;\n  height: 2px !important;\n  background: linear-gradient(90deg, var(--et-accent), var(--et-gold), var(--et-primary)) !important;\n}\n.et-diagram .et-diagram__logo {\n  height: clamp(24px, 3.5vw, 34px) !important;\n  width: clamp(24px, 3.5vw, 34px) !important;\n  flex-shrink: 0 !important;\n  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!important;\n}\n.et-diagram .et-stats > .et-stat:nth-child(1) { grid-column: 1 !important; grid-row: 1 !important; }\n.et-diagram .et-stats > .et-stat:nth-child(2) { grid-column: 2 !important; grid-row: 1 !important; }\n.et-diagram .et-stats > .et-stat:nth-child(3) { grid-column: 3 !important; grid-row: 1 !important; }\n.et-diagram .et-stats > .et-stat:nth-child(4) { grid-column: 4 !important; grid-row: 1 !important; }\n\n.et-diagram .et-stat:nth-child(2n) { border-top-color: var(--et-accent) !important; }\n.et-diagram .et-stat:nth-child(3n) { border-top-color: var(--et-gold) !important; }\n.et-diagram .et-stat span,\n.et-diagram .et-stat .et-stat__value,\n.et-diagram .et-stat .et-stat__label,\n.et-diagram .et-stat .et-stat__desc {\n  display: block !important;\n  width: 100% !important;\n  text-align: center !important;\n  float: none !important;\n  clear: both !important;\n  position: static !important;\n  left: auto !important;\n  right: auto !important;\n  transform: none 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!important;\n  margin: 0 !important;\n  padding: 0 !important;\n  max-height: 3.6em !important;\n  overflow: hidden !important;\n}\n@media (max-width: 640px) {}<\/style>\n  <figcaption class=\"et-diagram__header\">\n    <span class=\"et-diagram__logo-wrap\" itemprop=\"creator\" itemscope itemtype=\"https:\/\/schema.org\/Organization\">\n      <meta itemprop=\"name\" content=\"Expat Times\">\n      <img loading=\"lazy\" class=\"et-diagram__logo\" src=\"data:image\/svg+xml;base64,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\" width=\"34\" height=\"34\" alt=\"Expat Times\" decoding=\"async\" loading=\"lazy\">\n    <\/span>\n    <h3 class=\"et-diagram__title\" itemprop=\"name\">Crypto Assets in Panamanian Law: Mentions and Regulatory Gaps<\/h3>\n  <\/figcaption>\n  <div class=\"et-diagram__body\" itemprop=\"description\">\n    <div class=\"et-stats\">\n      <div class=\"et-stat\">\n        <span class=\"et-stat__value\">0<\/span>\n        <span class=\"et-stat__label\">Times the law&#8217;s consolidated text mentions crypto assets, virtual assets, or tokens<\/span>\n      <\/div>\n      <div class=\"et-stat\">\n        <span class=\"et-stat__value\">3+<\/span>\n        <span class=\"et-stat__label\">Virtual asset bills introduced and pending without a first debate date<\/span>\n      <\/div>\n      <div class=\"et-stat\">\n        <span class=\"et-stat__value\">2018<\/span>\n        <span class=\"et-stat__label\">Year of the regulator&#8217;s first opinion: &#8220;the &#8216;token&#8217; is not considered a security&#8221;<\/span>\n      <\/div>\n      <div class=\"et-stat\">\n        <span class=\"et-stat__value\">2+<\/span>\n        <span class=\"et-stat__label\">Superintendency opinions that left token or crypto schemes outside its license<\/span>\n      <\/div>\n    <\/div>\n  <\/div>\n  <p class=\"et-diagram__caption\">Source: see article above<\/p>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1200\" height=\"573\" src=\"https:\/\/expat-times.com\/panama\/wp-content\/uploads\/2026\/10\/website-supervaloresgobpa-1200x573-1.webp\" alt=\"website supervalores.gob.pa\" class=\"wp-image-18107\" srcset=\"https:\/\/expat-times.com\/panama\/wp-content\/uploads\/2026\/10\/website-supervaloresgobpa-1200x573-1.webp 1200w, https:\/\/expat-times.com\/panama\/wp-content\/uploads\/2026\/10\/website-supervaloresgobpa-1200x573-1-150x72.webp 150w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-element-caption\">website supervalores.gob.pa<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Panama Crypto Regulation and the Securities Law Void<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Texto \u00danico of Panama&#8217;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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2018, the SMV examined a token representing gold or equities at the investor&#8217;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.<\/p>\n\n\n\n<figure class=\"et-diagram et-diagram--timeline\" itemscope itemtype=\"https:\/\/schema.org\/ImageObject\"><style>.et-diagram {\n  --et-bg: #ffffff;\n  --et-surface: #f7f9fb;\n  --et-surface-alt: #eef4f9;\n  --et-border: #dfe7ee;\n  --et-border-strong: #c2ced8;\n  --et-text: #0f1b29;\n  --et-text-muted: #556576;\n  --et-primary: #0a5fa8;\n  --et-primary-dark: #084a82;\n  --et-primary-soft: #e3eefa;\n  --et-accent: #cb4739;\n  --et-accent-dark: #a5372c;\n  --et-gold: #d9a441;\n  --et-success: #2e9e5b;\n  --et-warning: #e08c1a;\n  --et-danger: #cf3d3d;\n  --et-font: -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, \"Helvetica Neue\", Arial, sans-serif;\n  --et-mono: ui-monospace, SFMono-Regular, \"SF Mono\", Menlo, Consolas, monospace;\n  --et-radius-sm: 6px;\n  --et-radius: 10px;\n  --et-radius-lg: 14px;\n}\n.et-diagram {\n  font-family: var(--et-font) !important;\n  color: var(--et-text) !important;\n  line-height: 1.55 !important;\n  margin: clamp(18px, 3vw, 32px) 0 !important;\n  padding: 0 !important;\n  max-width: 100% !important;\n  box-sizing: border-box !important;\n  background: var(--et-bg) !important;\n  border: 1px solid var(--et-border) !important;\n  border-radius: var(--et-radius-lg) !important;\n  overflow: hidden !important;\n  text-align: left !important;\n  display: block !important;\n}\n.et-diagram *,\n.et-diagram *::before,\n.et-diagram *::after { box-sizing: border-box !important; 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}\n.et-diagram .et-timeline__item::before {\n  content: '' !important;\n  position: absolute !important;\n  left: clamp(-22px, -3.5vw, -18px) !important;\n  top: 6px !important;\n  width: clamp(9px, 1.5vw, 12px) !important;\n  height: clamp(9px, 1.5vw, 12px) !important;\n  border-radius: 50% !important;\n  background: var(--et-accent) !important;\n  border: 3px solid var(--et-bg) !important;\n  box-shadow: 0 0 0 2px var(--et-accent) !important;\n}\n.et-diagram .et-timeline__date {\n  display: block !important;\n  font-family: var(--et-font) !important;\n  font-size: clamp(10px, 1.6vw, 12px) !important;\n  font-weight: 700 !important;\n  color: var(--et-primary) !important;\n  text-transform: uppercase !important;\n  letter-spacing: 0.05em !important;\n  margin: 0 0 3px 0 !important;\n}\n.et-diagram .et-timeline__title {\n  margin: 0 0 5px 0 !important;\n  padding: 0 !important;\n  font-family: var(--et-font) !important;\n  font-size: clamp(12px, 2vw, 15px) !important;\n  font-weight: 700 !important;\n  color: var(--et-text) !important;\n  line-height: 1.35 !important;\n}\n.et-diagram .et-timeline__desc {\n  margin: 0 !important;\n  padding: 0 !important;\n  font-family: var(--et-font) !important;\n  font-size: clamp(11px, 1.8vw, 13.5px) !important;\n  color: var(--et-text-muted) !important;\n  line-height: 1.55 !important;\n}\n@media (max-width: 640px) {}<\/style>\n  <figcaption class=\"et-diagram__header\">\n    <span class=\"et-diagram__logo-wrap\" itemprop=\"creator\" itemscope itemtype=\"https:\/\/schema.org\/Organization\">\n      <meta itemprop=\"name\" content=\"Expat Times\">\n      <img loading=\"lazy\" class=\"et-diagram__logo\" src=\"data:image\/svg+xml;base64,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\" width=\"34\" height=\"34\" alt=\"Expat Times\" decoding=\"async\" loading=\"lazy\">\n    <\/span>\n    <h3 class=\"et-diagram__title\" itemprop=\"name\">Panama Crypto Bills Timeline: March 2025 to Today<\/h3>\n  <\/figcaption>\n  <div class=\"et-diagram__body\" itemprop=\"description\">\n    <div class=\"et-timeline\">\n      <div class=\"et-timeline__item\">\n        <span class=\"et-timeline__date\"><time datetime=\"2025-03-20\">20 March 2025<\/time><\/span>\n        <h4 class=\"et-timeline__title\">Cryptocurrency Use Bill Introduced<\/h4>\n        <p class=\"et-timeline__desc\">The draft bill on the use of cryptocurrencies is presented. The Commerce and Economic Affairs Committee adopts it on 10 April, becoming Bill 247.<\/p>\n      <\/div>\n      <div class=\"et-timeline__item\">\n        <span class=\"et-timeline__date\"><time datetime=\"2025-08-06\">6 August 2025<\/time><\/span>\n        <h4 class=\"et-timeline__title\">Provider Supervision and Registry Bill Introduced<\/h4>\n        <p class=\"et-timeline__desc\">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.<\/p>\n      <\/div>\n      <div class=\"et-timeline__item\">\n        <span class=\"et-timeline__date\"><time datetime=\"2025-10-15\">15 October 2025<\/time><\/span>\n        <h4 class=\"et-timeline__title\">Virtual Asset Service Providers Bill Introduced<\/h4>\n        <p class=\"et-timeline__desc\">The third bill, on virtual asset service providers, is presented. Adopted on 28 October in Commerce, it becomes Bill 454.<\/p>\n      <\/div>\n      <div class=\"et-timeline__item\">\n        <span class=\"et-timeline__date\">Opinion 04-2025<\/span>\n        <h4 class=\"et-timeline__title\">Superintendency Rules on Non-Custodial Platform<\/h4>\n        <p class=\"et-timeline__desc\">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.<\/p>\n      <\/div>\n      <div class=\"et-timeline__item\">\n        <span class=\"et-timeline__date\">Today<\/span>\n        <h4 class=\"et-timeline__title\">No First Debate Scheduled<\/h4>\n        <p class=\"et-timeline__desc\">All three bills still have no first debate date on their legislative files. Meanwhile, Latinex says it wants digital assets listed from Panama.<\/p>\n      <\/div>\n    <\/div>\n  <\/div>\n  <p class=\"et-diagram__caption\">Source: <cite>Legislative Tracking Files of the National Assembly<\/cite>, consulted 16 October 2026, and <cite>Opinion 04-2025 of the Superintendency of the Securities Market<\/cite><\/p>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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?<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/expat-times.com\/panama\/wp-content\/uploads\/2026\/10\/bitcoins-1200x800-1.webp\" alt=\"Bitcoin (\u20bf) is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009, when its implementation was released as open-source software. By Jorge Franganillo - https:\/\/www.flickr.com\/photos\/franganillo\/50799812983\/, CC BY 2.0, https:\/\/commons.wikimedia.org\/w\/index.php?curid=113283593\" class=\"wp-image-18108\" srcset=\"https:\/\/expat-times.com\/panama\/wp-content\/uploads\/2026\/10\/bitcoins-1200x800-1.webp 1200w, https:\/\/expat-times.com\/panama\/wp-content\/uploads\/2026\/10\/bitcoins-1200x800-1-150x100.webp 150w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-element-caption\">Bitcoin (\u20bf) is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009, when its implementation was released as open-source software. By Jorge Franganillo &#8211; https:\/\/www.flickr.com\/photos\/franganillo\/50799812983\/, CC BY 2.0, https:\/\/commons.wikimedia.org\/w\/index.php?curid=113283593<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Legislative Stalemate on Virtual Asset Frameworks<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Three draft bills on virtual assets entered <a href=\"https:\/\/www.asamblea.gob.pa\/\" target=\"_blank\" rel=\"noopener noreferrer\">the Assembly<\/a> 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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One bill states the sector grew under legal uncertainty. Another proposes folding virtual asset providers into the anti-money laundering system. The SMV&#8217;s 2025 opinion cites Spain&#8217;s securities law and the European cryptoasset regulation as reference frameworks already addressing these products.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/expat-times.com\/panama\/wp-content\/uploads\/2026\/10\/olga-cantillo-presidenta-ejecutiva-de-latinex-socials-1200x800-1.webp\" alt=\"Olga Cantillo, presidenta ejecutiva de Latinex @Socials\" class=\"wp-image-18106\" srcset=\"https:\/\/expat-times.com\/panama\/wp-content\/uploads\/2026\/10\/olga-cantillo-presidenta-ejecutiva-de-latinex-socials-1200x800-1.webp 1200w, https:\/\/expat-times.com\/panama\/wp-content\/uploads\/2026\/10\/olga-cantillo-presidenta-ejecutiva-de-latinex-socials-1200x800-1-150x100.webp 150w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-element-caption\">Olga Cantillo, presidenta ejecutiva de Latinex @Socials<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Market Demand and the Latinex Push for Digital Assets<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The SMV&#8217;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.<\/p>\n\n\n\n<blockquote class=\"instagram-media\" data-instgrm-captioned data-instgrm-permalink=\"https:\/\/www.instagram.com\/reel\/DdID6V0MqSK\/?utm_source=ig_embed&amp;utm_campaign=loading\" data-instgrm-version=\"14\" style=\" background:#FFF; border:0; border-radius:3px; box-shadow:0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width:540px; min-width:326px; padding:0; width:99.375%; width:-webkit-calc(100% - 2px); width:calc(100% - 2px);\"><div style=\"padding:16px;\"> <a href=\"https:\/\/www.instagram.com\/reel\/DdID6V0MqSK\/?utm_source=ig_embed&amp;utm_campaign=loading\" style=\" background:#FFFFFF; line-height:0; padding:0 0; text-align:center; text-decoration:none; width:100%;\" target=\"_blank\" rel=\"noopener\"> <div style=\" display: flex; flex-direction: row; align-items: center;\"> <div style=\"background-color: #F4F4F4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;\"><\/div> <div style=\"display: flex; flex-direction: column; flex-grow: 1; justify-content: center;\"> <div style=\" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;\"><\/div> <div style=\" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;\"><\/div><\/div><\/div><div style=\"padding: 19% 0;\"><\/div> <div style=\"display:block; height:50px; margin:0 auto 12px; width:50px;\"><svg width=\"50px\" height=\"50px\" viewBox=\"0 0 60 60\" version=\"1.1\" xmlns=\"https:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"https:\/\/www.w3.org\/1999\/xlink\"><g stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\"><g transform=\"translate(-511.000000, -20.000000)\" fill=\"#000000\"><g><path d=\"M556.869,30.41 C554.814,30.41 553.148,32.076 553.148,34.131 C553.148,36.186 554.814,37.852 556.869,37.852 C558.924,37.852 560.59,36.186 560.59,34.131 C560.59,32.076 558.924,30.41 556.869,30.41 M541,60.657 C535.114,60.657 530.342,55.887 530.342,50 C530.342,44.114 535.114,39.342 541,39.342 C546.887,39.342 551.658,44.114 551.658,50 C551.658,55.887 546.887,60.657 541,60.657 M541,33.886 C532.1,33.886 524.886,41.1 524.886,50 C524.886,58.899 532.1,66.113 541,66.113 C549.9,66.113 557.115,58.899 557.115,50 C557.115,41.1 549.9,33.886 541,33.886 M565.378,62.101 C565.244,65.022 564.756,66.606 564.346,67.663 C563.803,69.06 563.154,70.057 562.106,71.106 C561.058,72.155 560.06,72.803 558.662,73.347 C557.607,73.757 556.021,74.244 553.102,74.378 C549.944,74.521 548.997,74.552 541,74.552 C533.003,74.552 532.056,74.521 528.898,74.378 C525.979,74.244 524.393,73.757 523.338,73.347 C521.94,72.803 520.942,72.155 519.894,71.106 C518.846,70.057 518.197,69.06 517.654,67.663 C517.244,66.606 516.755,65.022 516.623,62.101 C516.479,58.943 516.448,57.996 516.448,50 C516.448,42.003 516.479,41.056 516.623,37.899 C516.755,34.978 517.244,33.391 517.654,32.338 C518.197,30.938 518.846,29.942 519.894,28.894 C520.942,27.846 521.94,27.196 523.338,26.654 C524.393,26.244 525.979,25.756 528.898,25.623 C532.057,25.479 533.004,25.448 541,25.448 C548.997,25.448 549.943,25.479 553.102,25.623 C556.021,25.756 557.607,26.244 558.662,26.654 C560.06,27.196 561.058,27.846 562.106,28.894 C563.154,29.942 563.803,30.938 564.346,32.338 C564.756,33.391 565.244,34.978 565.378,37.899 C565.522,41.056 565.552,42.003 565.552,50 C565.552,57.996 565.522,58.943 565.378,62.101 M570.82,37.631 C570.674,34.438 570.167,32.258 569.425,30.349 C568.659,28.377 567.633,26.702 565.965,25.035 C564.297,23.368 562.623,22.342 560.652,21.575 C558.743,20.834 556.562,20.326 553.369,20.18 C550.169,20.033 549.148,20 541,20 C532.853,20 531.831,20.033 528.631,20.18 C525.438,20.326 523.257,20.834 521.349,21.575 C519.376,22.342 517.703,23.368 516.035,25.035 C514.368,26.702 513.342,28.377 512.574,30.349 C511.834,32.258 511.326,34.438 511.181,37.631 C511.035,40.831 511,41.851 511,50 C511,58.147 511.035,59.17 511.181,62.369 C511.326,65.562 511.834,67.743 512.574,69.651 C513.342,71.625 514.368,73.296 516.035,74.965 C517.703,76.634 519.376,77.658 521.349,78.425 C523.257,79.167 525.438,79.673 528.631,79.82 C531.831,79.965 532.853,80.001 541,80.001 C549.148,80.001 550.169,79.965 553.369,79.82 C556.562,79.673 558.743,79.167 560.652,78.425 C562.623,77.658 564.297,76.634 565.965,74.965 C567.633,73.296 568.659,71.625 569.425,69.651 C570.167,67.743 570.674,65.562 570.82,62.369 C570.966,59.17 571,58.147 571,50 C571,41.851 570.966,40.831 570.82,37.631\"><\/path><\/g><\/g><\/g><\/svg><\/div><div style=\"padding-top: 8px;\"> <div style=\" color:#3897f0; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:550; line-height:18px;\">View this post on Instagram<\/div><\/div><div style=\"padding: 12.5% 0;\"><\/div> <div style=\"display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;\"><div> <div style=\"background-color: #F4F4F4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);\"><\/div> <div style=\"background-color: #F4F4F4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;\"><\/div> <div style=\"background-color: #F4F4F4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);\"><\/div><\/div><div style=\"margin-left: 8px;\"> <div style=\" background-color: #F4F4F4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;\"><\/div> <div style=\" width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg)\"><\/div><\/div><div style=\"margin-left: auto;\"> <div style=\" width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);\"><\/div> <div style=\" background-color: #F4F4F4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);\"><\/div> <div style=\" width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);\"><\/div><\/div><\/div> <div style=\"display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;\"> <div style=\" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;\"><\/div> <div style=\" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;\"><\/div><\/div><\/a><p style=\" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;\"><a href=\"https:\/\/www.instagram.com\/reel\/DdID6V0MqSK\/?utm_source=ig_embed&amp;utm_campaign=loading\" style=\" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none;\" target=\"_blank\" rel=\"noopener\">A post shared by La Estrella de Panam\u00e1 (@laestrellaonline)<\/a><\/p><\/div><\/blockquote>\n<script async src=\"\/\/www.instagram.com\/embed.js\"><\/script>\n","protected":false},"excerpt":{"rendered":"<p>Panama&#8217;s securities regulator has confirmed twice, in 2018 and again in 2025, that cryptocurrency and token schemes fall outside its licensing requirements. The country&#8217;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<\/p>\n","protected":false},"author":1,"featured_media":10468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sitemap_exclude":false,"_sitemap_priority":"","_sitemap_frequency":"","footnotes":""},"categories":[30,87],"tags":[7546,7545,50,7035,7547],"class_list":["post-18105","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business-economy","category-featured","tag-crypto-regulation","tag-cryptocurrency","tag-panama","tag-regulation","tag-securities-law"],"_links":{"self":[{"href":"https:\/\/expat-times.com\/panama\/wp-json\/wp\/v2\/posts\/18105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/expat-times.com\/panama\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/expat-times.com\/panama\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/expat-times.com\/panama\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/expat-times.com\/panama\/wp-json\/wp\/v2\/comments?post=18105"}],"version-history":[{"count":2,"href":"https:\/\/expat-times.com\/panama\/wp-json\/wp\/v2\/posts\/18105\/revisions"}],"predecessor-version":[{"id":18110,"href":"https:\/\/expat-times.com\/panama\/wp-json\/wp\/v2\/posts\/18105\/revisions\/18110"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/expat-times.com\/panama\/wp-json\/wp\/v2\/media\/10468"}],"wp:attachment":[{"href":"https:\/\/expat-times.com\/panama\/wp-json\/wp\/v2\/media?parent=18105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/expat-times.com\/panama\/wp-json\/wp\/v2\/categories?post=18105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/expat-times.com\/panama\/wp-json\/wp\/v2\/tags?post=18105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}