Panama’s President Repeals a Crypto Bill, Citing FATF Principles.

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President Laurentino Cortizo of Panama has vetoed Bill No. 697 which is also known as the "crypto bill," stating it needs additional work to conform to Panama's financial standards.

After Panama's National Assembly passed the crypto bill in late April 2022, President Cortizo indicated in May that he would not sign it unless it contained extra anti-money laundering rules.

The President noted that it is "imperative" that crypto laws adapt to new norms established by the Financial Action Task Force (FATF) establishing "fiscal transparency and prevention of money laundering".