Panama's economy is regarded as one of the most stable in Latin America. This is likely one of the reasons the country's President wants to establish a <a href="https://www.cryptoknowmics.com/news/european-union-aims-to-clinch-deal-on-landmark-crypto-law-this-month/" target="_blank" rel="noopener">crypto law</a> that complies with all economic and anti-money laundering standards to maintain the status quo. President Laurentino Cortizo vetoed the "Crypto Bill" on June 16, according to Panamanian legislator Gabriel Silva's official Twitter account. According to Silva, parliamentarians are already reviewing the veto to make the necessary changes to enact the new cryptocurrency law as quickly as possible, creating new jobs and attracting new investment to the country.

https://twitter.com/gabrielsilva8_7/status/1537496339646500866

<img class="alignnone wp-image-240145" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2022/06/Screenshot-2022-06-17-112833-300x165.png" alt="" width="331" height="182" />
<h2>Panama's Crypto Bill Requires Modifications</h2>
Specific regulations must be changed to the framework that now governs the country's financial system, according to a document given by President Cortizo, in which he partially vetoes the bill. Cortizo further stated that the law must adhere to the new FATF standards for fiscal transparency and money laundering prevention. When establishing new financial regulations, governments must meet two requirements.
For the time being, Congressman Silva and his colleagues will have to focus their efforts on the necessary revisions, as the President stated that the law is not "subject to penalty." Panama is not closing the project's doors but wants it to comply with international anti-money laundering standards.
<h2>Panama Hasn't Shut the Door on Cryptocurrencies Yet</h2>
Although the Panamanian National Assembly enacted the Crypto Law in late April, it still required the signature of the President of the Republic, who had already indicated that he would not do so for months. As a result, Congressman Silva stated on <a href="https://twitter.com/gabrielsilva8_7?lang=en" target="_blank" rel="nofollow noopener">Twitter</a> that Panama "deserves more possibilities as well as financial inclusion." He did, however, point out that, for the time being, they should just review the parts of the measure that President Cortizo vetoed rather than rewriting the entire package.

Panama's President Partially Vetoes The Country's Crypto Bill

Panama's stable economy could be one of the reasons the country's President wants to establish a crypto bill that complies with all economic and anti-money laundering standards to maintain the status quo.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Panama's President Partially Vetoes The Country's Crypto Bill

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