Panama is rapidly updating its financial legislation and is internationally considered as a promising state for FinTech business. In addition to loyal taxation and support of blockchain technology at the official level, the country actively supports cryptocurrency startups - more than 30 companies already receive payments in non-fiat money. The Panamanian authorities are developing a ten-year state project for the upgrade of the financial system, within the frames of which, the stock exchanges and firms engaged in the purchase and sale and exchange of cryptocurrencies receive a legal status.
The supervisory and regulatory authority of the country, the General Directorate of Banks, obliges entrepreneurs to notify investors and users on the risks associated with the blockchain and crypto-instruments, and calls for taking “due diligence measures”.
As part of the financial system of Panama updating, the regulator allocates issuers and providers of crypto-wallets, exchangers, exchanges and similar organizations in the SFI (specialized financial institutions) category and obliges them to obtain licenses for cryptocurrencies. SFIs will be treated as legal entities and will be able to develop their own internal methods and rules for the provision of exchange services in non-fiat money. It should be guided by the Panamian and international rules and principles of assets and data protection.
To get a license for the cryptocurrencies exchange, an entrepreneur must register a Panamian legal entity with an activity included in the SFI category. The first three years the firm submits to the Ministry of Economics, then passes under the authority of the main regulator. He will charge duties (up to 200 thousand US dollars) and mandatory fees.
To obtain a license for cryptocurrencies and activities with them, you need to submit the regulator with the following documents:
"Prifinance" experts will help to simplify and accelerate the obtaining of permits. We will undertake legal, organizational and technical side of the issue and help to deploy the business with the minimum time and effort expenditures.