COREDO > Crypto Licence in Panama

Crypto Licence in Panama

Panama holds a solid position among Latin American jurisdictions that attract international fintech and blockchain companies. A territorial taxation system, the absence of citizenship or residency requirements for directors and shareholders, and a well-developed financial infrastructure make this jurisdiction attractive for digital businesses.

COREDO has been providing a full range of services for establishing cryptocurrency businesses in Panama since 2016 — from company registration and obtaining SFI status to implementing compliance policies and opening a corporate bank account.

Get a Consultation

Cost of the service
from 3 650 EUR

Regulatory Environment of Panama

The legal framework for cryptocurrency operations in Panama is shaped by several key institutions and regulations. The Superintendencia del Mercado de Valores (SMV) regulates the securities market and has repeatedly confirmed that cryptocurrencies are not securities and do not fall under SMV jurisdiction. In particular, in August 2025, the SMV issued Opinion No. 04-25, confirming that cryptocurrency-related activities fall outside the scope of SMV authority.

At the same time, companies conducting fiat currency operations within the scope of cryptocurrency activities are required to comply with Law No. 23 of 2015 on the Prevention of Money Laundering and Terrorist Financing. Supervision of AML legislation compliance is carried out by the Superintendencia de Bancos de Panamá (SBP), while the analysis of suspicious transactions is performed by the Unidad de Análisis Financiero (UAF) — the Financial Intelligence Unit.

An attempt to create a comprehensive cryptocurrency law was made through Bill No. 697, approved by the National Assembly in April 2022. However, President Laurentino Cortizo vetoed the bill, citing shortcomings in AML compliance and constitutional contradictions. In July 2023, the Supreme Court of Panama declared the bill unconstitutional. In 2025, a new Bill No. 247 was introduced, which provides for the creation of a licensing regime for VASPs in line with FATF recommendations. However, as of 2026, it has not been adopted and continues to be debated in the National Assembly.

A significant achievement for Panama was its removal from the FATF grey list in October 2023. This decision confirmed the effectiveness of AML/CFT reforms, including enhanced penalties (up to 5 million balboas under Law No. 254 of 2021), the expansion of UAF powers, and the updating of the National Risk Assessment.

Permitted Types of Cryptocurrency Activities

Companies that have obtained SFI (Subject to Financial Intermediation) status in Panama can legally carry out a broad range of operations with digital assets within the current legislative framework. The main permitted types of activity include: cryptocurrency trading and exchange, payment services using crypto-assets, custodial storage and management of cryptocurrency wallets, mining and staking, token issuance and ICOs, as well as blockchain project development and fintech solutions.

All of the above types of activity are permitted provided that applicable AML/KYC requirements and corporate governance standards are met. Companies are required to register as obligated entities with the UAF and implement internal compliance procedures.

Advantages of the Panama Jurisdiction

Panama offers a number of significant advantages for companies planning to operate in the digital asset sector.

Territorial taxation system

is a key factor of attractiveness: income earned outside Panama is not subject to tax. The corporate tax rate on Panamanian income is 25%, while foreign income is fully exempt from taxation, including capital gains on overseas assets.

The absence of citizenship and residency requirements for directors and shareholders

allows fully foreign-owned companies to freely manage their business while retaining full control over corporate decisions.

A fast company registration procedure

with professional support, incorporation typically takes a few business days. Panamanian law does not establish a minimum share capital for SRL (Sociedad de Responsabilidad Limitada).

Panama is one of the leading financial centres of the region

with a developed banking infrastructure and modern technological solutions supporting international transactions.

A high level of corporate confidentiality

Panamanian law protects information about the ownership structure of a company. At the same time, Law No. 129 of 2020 requires resident agents to register beneficial owner data in the unified RUBF registry, accessible only to competent government authorities.

A flexible regulatory approach

the absence of a separate licensing regime for cryptocurrencies means less bureaucratic burden compared to jurisdictions with strict licensing systems. Companies can begin operational activities in a short timeframe while maintaining full compliance with current legislation.

Contact us

Cost of COREDO Services

COREDO offers three service packages for establishing a cryptocurrency business in Panama. Clients may choose any package in full or select individual services.

Basic Package

from EUR 3,650 + VAT

Dedicated consultant with a personalised approach.
Full company registration on a turnkey basis.
Registration of the company’s type of activity.
Company name verification.
Set of corporate documents with apostille and translation into English.
Resident Agent fee for the first year.
Annual maintenance — EUR 2,500 + VAT per year.

Advanced Package

from EUR 9,750 + VAT

All services from the Basic package.
Preparation of AML/KYC policies.
Assistance in opening a corporate account.
Legal Opinion confirming the company’s status.
Virtual office lease for one year with a local address and utility bill.
Annual maintenance — EUR 3,700 + VAT per year.

Full Package

from EUR 12,650 + VAT

All services from the Advanced package.
Provision of 3 local nominee directors for one year.
Annual maintenance — EUR 5,650 + VAT per year.

The final cost may vary depending on the results of the preliminary project assessment and the scope of services required.

Payment Terms

Payment for COREDO services for establishing a cryptocurrency business in Panama is made in accordance with the agreed package. Specific terms, including the payment schedule, are determined on an individual basis, taking into account the selected package and the specifics of the project.

Company Requirements

To carry out cryptocurrency activities in Panama, a company must meet the following requirements.

It is necessary to register a legal entity — typically an SRL (Sociedad de Responsabilidad Limitada) — with the appropriate type of activity.

There is no statutory minimum share capital.

The company must have at least two members (individuals or legal entities); there are no residency or citizenship requirements.

The company is required to appoint a Resident Agent — a licensed Panamanian lawyer who ensures communication with government authorities.

Internal AML/KYC policies must be implemented in accordance with Law No. 23 of 2015, and the company must register with the UAF as an obligated entity.

All suspicious transactions must be reported to the UAF within 15 business days of detection. The company is required to retain documentation for a minimum of 5 years.

Required Documents

The following documents are required for company registration and the commencement of cryptocurrency activities in Panama:

three proposed company names;

a completed incorporation form for state registration;

copies of passports of all shareholders and directors;

proof of residential address (a utility bill or similar document not older than 3 months);

proof of source of funds (a bank statement or tax declaration);

a description of the planned business model and types of activity;

information on ultimate beneficial owners (UBOs) for registration in the RUBF registry.

The exact list of documents may be adjusted following a preliminary consultation with COREDO experts.

Procedure for Obtaining SFI Status in Panama

The process of establishing a cryptocurrency business in Panama with COREDO involves three main stages.

Collection of preliminary documents.

The applicant provides three proposed company names, an incorporation form, copies of passports, and proof of address. COREDO specialists conduct a preliminary project assessment.

01

Company registration and formalisation of cryptocurrency activities.

This includes filing a notification with the Public Registry, company incorporation, preparation of founding and corporate documents, payment of the annual franchise tax, as well as registration with the UAF and implementation of AML/KYC policies.

02

Dedicated to opening a corporate account.

It includes the selection of a suitable bank or payment provider, taking into account the client’s AML policies and risk profile, the collection of documentation on the source of funds, business activities, and key partners, as well as full support for the company throughout the account opening process.

03

The entire process typically takes 1–2 weeks, provided that all documents are ready and there is smooth interaction with banking institutions.

Our Experts

The preparation and support of projects for obtaining a crypto licence in Panama is carried out by an experienced team of COREDO specialists.

Pavel Kos

Head of Legal. Has been working at COREDO since 2017, possessing deep expertise in cryptocurrency licensing, corporate structuring, and regulatory compliance across various jurisdictions.

Basang Ungunov

Lawyer. Specialises in the legal support of cryptocurrency projects, preparation of corporate documentation, and Legal Opinions.

Frequently Asked Questions

Is there a separate crypto licence in Panama?

At present, Panama does not have a specific law for licensing cryptocurrency activities. Companies operate under SFI (Subject to Financial Intermediation) status, registering as obligated entities with the UAF and complying with current AML/KYC requirements.

Do I need to be a Panama resident to register a crypto company?

No. Panamanian law does not establish citizenship or residency requirements for shareholders and directors. A company may be fully established by foreign nationals.

What taxes does a crypto company pay in Panama?

Panama applies a territorial principle of taxation. Income earned outside the country is not subject to tax. The corporate tax rate on Panamanian income is 25%. Capital gains on overseas assets are also exempt from taxation.

How long does it take to register a crypto company?

With professional support from COREDO, the entire process — from incorporation to the commencement of activities — takes 1–2 weeks, provided that all documents are ready.

What is the minimum capital required?

Panamanian law does not establish a minimum share capital requirement for SRL. The standard share capital is USD 10,000 with a registration fee of USD 60.

Is the company required to comply with AML requirements?

Yes. Companies operating under SFI status are required to implement internal AML/KYC policies, register with the UAF, and report suspicious transactions within 15 business days. Documentation must be retained for a minimum of 5 years.

What changed after Panama was removed from the FATF grey list?

The removal from the FATF grey list in October 2023 confirmed the effectiveness of Panama’s AML reforms and significantly simplified international banking services for Panamanian companies, including the opening of correspondent accounts and interaction with payment systems.

Will a special cryptocurrency law be adopted?

In 2025, Bill No. 247 was introduced to the National Assembly, providing for the licensing of VASPs in line with FATF recommendations. As of 2026, the bill continues to be debated and has not been adopted.

Get a Consultation

Planning to establish a cryptocurrency business in Panama? COREDO specialists will assist you at every stage — from selecting the optimal structure and registering the company to implementing AML/KYC policies and opening a corporate account. COREDO has been operating in the legal services market since 2016 and has extensive experience in supporting digital asset projects.