Panama crypto license 2026 — regulatory status
Panama eyed crypto-hub status through Bill 697, the Crypto Asset Law, passed by the National Assembly in April 2022 but partially vetoed by the President. No dedicated crypto licence is operational in 2026; firms rely on AML registration under the Superintendence of Banks of Panama and general corporate law.
What the Panama crypto regime actually offers in 2026
Panama announced ambitious crypto-asset legislation in 2022. The National Assembly passed Bill 697 — the Crypto Asset Law — with broad provisions covering crypto-asset use as a means of payment, tax treatment, and a dedicated licensing framework for crypto-asset service providers. International press described Panama as the next Latin American crypto hub. The Presidential veto in June 2022 changed the trajectory: President Cortizo vetoed parts of the bill citing AML/CFT concerns aligned with Panama's effort to address FATF grey-listing, and the vetoed text has not been re-enacted in amended form.
The operational reality is more limited than the headlines suggest. Panama crypto-firm operations in 2026 rely on three building blocks — AML registration through the Superintendence of Banks of Panama, general Panamanian corporate law for entity structure, and Panama's territorial tax system. There is no dedicated Panama crypto licence operational. For operators, the right question is not whether to get a Panama crypto licence — there is none to get — but whether Panama makes operational sense as a Latin-American-positioning base under the AML-registration framework that exists.
The AML-registration framework that does apply
Panama crypto-firm operations rely on the general Panamanian AML framework administered by the Superintendence of Banks of Panama. It operates under Law 23 of 2015 — Panama's principal AML/CFT legislation — and Law 124 of 2020, which updated AML obligations and expanded coverage for designated business categories. Suspicious operations are reported to the Financial Analysis Unit (UAF), Panama's FIU. Operators register under the applicable obligated-entity category, maintain a comprehensive AML programme with a designated AML officer, conduct risk-appropriate customer due diligence, report suspicious operations, screen against sanctions lists, and undergo ongoing SBP supervisory engagement.
The framework is AML-focused rather than CASP-style. There is no prudential capital requirement equivalent to EU MiCA Annex IV, no dedicated CASP conduct supervision, and no specific operational-resilience framework. It is closer to the pre-MiCA EU AML-registration model than to full MiCA scope. The substance bar is correspondingly lower than EU, UK, or Singapore regimes — operators with mature compliance infrastructure can establish Panama operations in the USD 75,000–200,000 first-year range, covering entity formation, substance, and AML compliance.
When Panama makes strategic sense
For most crypto-asset service providers globally, Panama is not the right primary licensing jurisdiction. The framework lacks dedicated CASP scope, produces no EU or US passport access, and signals a weaker reputational tier than EU, UK, US, or Singapore credentials. Panama makes strategic sense in narrower cases: operators whose principal customer base is Latin American; Spanish-language operations with regional positioning; a corporate-structure layer — holding company, IP-holding entity, or regional headquarters — alongside primary CASP authorisation held in the EU, UK, US, or Singapore.
A fourth case is pre-positioning. Operators expecting Bill 697 or a successor framework to operationalise later may rationally build Panama presence now to be a first-mover when dedicated licensing arrives — though the timing depends on the operator's view of the legislative path, which remains uncertain. For operators where none of these scenarios apply, EU member-state CASP authorisation, UK FCA registration, a US federal-plus-state stack, or Singapore MAS licensing produce stronger reputational and operational outcomes than Panama AML registration.
Panama crypto licensing is the regulatory framework envisaged under Bill 697 (the Crypto Asset Law) for crypto-asset service providers operating from or in Panama. The bill passed the National Assembly in April 2022 but was partially vetoed by the President in June 2022, so no dedicated CASP licensing regime is operational. Current Panamanian crypto-firm operations rely on AML registration under the Superintendence of Banks of Panama framework and general Panamanian corporate law rather than a dedicated crypto licence.
Fast facts
| Parameter | Value |
|---|---|
| Regulator | No dedicated crypto regulator — SBP supervises AML, SMV handles securities-related crypto |
| Framework | Bill 697 (Crypto Asset Law) — partial Presidential veto June 2022; pending, not operational |
| Current operational basis | AML registration under the general SBP framework + Panamanian corporate law |
| AML basis | Law 23 of 2015 + Law 124 of 2020; UAF suspicious-operation reporting |
| Typical year-1 cost | USD 75,000–200,000 (formation, substance, AML compliance) |
| EU / US market access | None — not an EU/EEA member (no MiCA passport); US-facing operators need separate FinCEN MSB + state MTLs |
| Corporate tax | 25% for resident companies; territorial system favourable to offshore activity |
| Best for | Latin-American customer focus or a corporate-structure layer alongside primary licensing elsewhere |
Top counsel for Panama CASP work
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Frequently asked questions about Panama CASP authorisation
Is there a dedicated crypto licence in Panama?
Not yet operational. Bill 697 (the Crypto Asset Law) passed the National Assembly in 2022 but was partially vetoed by the President over AML concerns, and the dedicated CASP framework remains in regulatory limbo.
Who regulates crypto-asset operators in Panama?
There is no dedicated crypto regulator. The Superintendence of Banks of Panama (SBP) supervises AML obligations, and the SMV handles securities-related crypto. Operators register under the general AML framework.
What happened with Bill 697?
Bill 697 passed the Panamanian National Assembly in April 2022 with provisions for crypto-asset use, tax treatment, and CASP licensing. President Cortizo issued a partial veto in June 2022 citing AML/CFT concerns.
Does Panama provide EU or US market access?
No. Panama is not an EU or EEA member, so there is no MiCA passport. Operators serving US customers need separate US licensing — FinCEN MSB registration plus relevant state money-transmitter licences.
What is the AML framework for Panama crypto operators?
Operators register with the Superintendence of Banks of Panama under the general AML regime — Law 23 of 2015 and Law 124 of 2020 — and report suspicious operations to the Financial Analysis Unit (UAF).
Pitfalls and nuances in Panama
1 Assuming Bill 697 is operational
Bill 697 was partially vetoed and remains in regulatory limbo. Marketing materials and consultant pitches sometimes describe Panama as having a dedicated crypto licensing framework as if the bill were fully enacted. The reality is that crypto operations in Panama still rely on general AML registration and Panamanian corporate law.
2 Treating Panama as a passport base for EU or US operations
Panama produces no EU passport access and no US-market authorisation. Operators servicing EU or US customers need separate licensing in those jurisdictions. Panama suits Latin-American positioning or a corporate-structure layer — not a primary licensing jurisdiction for global operations.
3 Underestimating AML enforcement intensity
Panama has faced FATF grey-listing and substantial international pressure on AML enforcement. The SBP and UAF have increased supervisory intensity since 2021 in response. Operators that treat Panama AML as light-touch create supervisor and FIU risk.
4 Filing without senior compliance hires
Even under the AML-registration framework, Panama operators need a substantive AML programme — a designated AML officer, customer due-diligence procedures, suspicious-operation reporting capability, and sanctions screening. Lacking these triggers SBP and UAF concerns regardless of Bill 697's status.
Regulator and primary sources
The supervisor of CASP authorisations in Panama is No dedicated crypto regulator — see notes. Superintendence of Banks of Panama (SBP) supervises AML; the SMV handles securities-related crypto.. The legal basis is No dedicated crypto licensing law in force. Bill 697 (Crypto Asset Law) passed the National Assembly in April 2022 but was partially vetoed by the President in June 2022 and remains in regulatory limbo. Operations rely on the general SBP AML framework and Panamanian corporate law.. Visit www.superbancos.gob.pa for the regulator's official guidance, application forms, and supervisory expectations.