Annual Report - The State of Crypto 2026: Panama
Business, Regulatory and Tax Overview for Digital-Asset Businesses
Panama still has no dedicated crypto law, but the ground is shifting. From fiscal year 2027, the new Economic Substance Regime subjects covered entities belonging to multinational groups to a 15% tax on their net taxable foreign-source passive income if they fail to meet the applicable substance test. Several bills to regulate virtual asset service providers (VASPs) are before the National Assembly, and enforcement of corporate housekeeping is tightening. This report sets out where things stand and what founders, funds and family offices should plan for.
What's inside
How Panamanian law treats blockchain and digital assets today
Securities, licensing, payments, stablecoins and tokenization
The pending VASP bills and where each one stands
Corporate vehicles, tax, AML/CFT and beneficial ownership
The Economic Substance Regime under Law 526 and Executive Decree 32
Key dates for planning through 2028
Three findings from the report
No crypto law does not mean no regulation. Securities, banking and financial laws can still apply, depending on the asset and the service provided.
A 15% tax from 2027. Entities in multinational groups that earn foreign-source passive income and fail the substance test will pay 15% on that income.
A VASP regime is coming. It is most likely to arrive through anti-money-laundering legislation, so businesses should plan for a registration requirement within two years.
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This report is general information on Panamanian law as of October 16, 2026, and is not legal advice on any specific matter.