Panama has introduced a comprehensive draft bill designed to regulate cryptocurrencies and boost blockchain services establishing itself as a fintech hub in Latin America. The bill provides a robust legal framework for digital assets in financial transactions setting licensing standards for providers and aligning with global financial protocols.

Digital currencies such as Bitcoin and Ethereum gain legal status as acceptable payment forms for goods and services with full consent between parties. The initiative includes a registration mandate for Virtual Asset Service Providers ensuring adherence to stringent Know-Your-Customer and anti-money laundering norms under the Financial Action Task Force guidance.

Beyond the financial scope the legislation promotes blockchain in public sectors through digital identities and tokenized securities which could revolutionize governance and enhance transparency. Smart contracts receive legal backing encouraging innovative and efficient business practices. The bill now heads to the National Assembly for further deliberation and potential enactment marking a pivotal step in Panama’s digital finance journey.

Bill

On Wednesday, the office of Rep. Gabe Amo issued a press release stating that Rep. Amo and Rep. Kim (R-CA) reintroduced a bipartisan resolution supporting the use of distributive ledger technologies (DLT), including blockchain, to “support democratic governance, human rights, freedom of information, transparency, and innovation around the world.”

The resolution (the full text of which was not linked to in the press release) urges federal agencies to explore and support DLT and expresses Congress’ commitment to advancing responsible innovation on this technological front.

Rep. Kim commented on the importance of this technology in the press release.

“U.S. leadership in emerging…

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There are roughly half a billion crypto users around the world and, at the most generous estimate, only 2.5% are using hardware wallets. That’s a tiny number, but I’m relieved it’s not higher. 

Why? Because I want people to on-board to Bitcoin by the billion, and I want to see everyone self-custody securely. The consumer hardware wallet industry is one of the biggest obstacles to achieving this goal. And not just to Bitcoin adoption: the whole decentralization revolution is at risk if we don’t address the fatal flaw  at the heart of the world’s most popular wallets. 

Wallets are treading water 

Last year in these pages, Lucien Bourdon celebrated “10 years of the wallet…

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South Korea’s Ethics Commission has revealed that high-ranking public officials in the country collectively own an average of 35.1 million won or $24,000 in cryptocurrency. As of March 27, over 20% of officials surveyed hold a total of 14.4 billion won worth of crypto assets. This includes 411 out of 2,047 officials required to disclose their holdings.

The disclosed figures show a wide range of holdings, including Bitcoin, Ether, and XRP. The highest reported amount came from Seoul City Councilor Kim Hye-young, who possesses 1.76 billion won or $1.2 million in crypto. The disclosure follows calls for greater transparency in the public sector regarding cryptocurrency assets.

The new disclosure system was introduced in 2023 after Prime Minister Han Deok-soo called for crypto to be treated similarly to other assets. It is part of a broader push to increase transparency and accountability in government. By 2024, South Koreans will have access to the crypto holdings of over 5,800 public officials.

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