Price today
Live data, updated September 28, 2026, 18:58 (Panama time).
Source: CoinGecko. Prices in US dollars, legal tender in Panama.
Legal status of cryptocurrencies in Panama
Panama neither bans nor specifically regulates cryptocurrencies. In 2022 the National Assembly passed Bill 697 to regulate their use and that of digital assets, but the Executive partially vetoed it and the Supreme Court struck it down in 2023. Since then use is free but without its own framework: exchanges are not supervised by the Superintendency of Banks or the Securities Market Superintendency unless they offer securities.
In 2025 the Municipality of Panama began accepting payment of taxes, fees and fines in Bitcoin, Ethereum, USDC and USDT, through a bank that converts the funds to dollars at the time of payment. It was the first public body in the country to do so.
Taxes: what is taxed and what is not
| Situation | Treatment in Panama |
|---|---|
| Gain from selling crypto on a foreign exchange | Foreign-source income: no Panamanian income tax |
| Gain from trading crypto as a business activity inside Panama | Panamanian-source income: taxed like any other income |
| Getting paid in crypto for goods or services provided in Panama | Taxable income at its dollar value when received; ITBMS applies where relevant |
| Holding crypto without selling | No wealth tax and no obligation to declare holdings |
How to buy crypto from Panama
- Choose a platform: international exchanges (Binance, Coinbase, Kraken, Bitso) accept Panama residents with identity verification.
- Verify identity: ID card or passport and proof of address. The process usually takes from minutes to two days.
- Fund the account: international bank transfer, card or P2P purchase in dollars. Some Panamanian banks block card payments to exchanges; transfers usually work.
- Custody: for meaningful amounts it is advisable to use your own wallet (hardware or software) instead of leaving funds on the exchange.
Panamanian banks and crypto
Regulated banks in Panama do not offer crypto accounts or custody. Some apply restrictive policies to transfers to or from exchanges for anti-money-laundering reasons, and may request documentation on the origin of funds. Anyone receiving proceeds from crypto sales in a Panamanian account should be ready to justify them.
Frequently asked questions
Is Bitcoin legal in Panama?
Yes. No rule prohibits buying, holding or using cryptocurrencies. They are not legal tender, so nobody is obliged to accept them as payment.
Does a foreign resident of Panama pay tax on their crypto?
Not on gains generated outside Panama. Tax applies only if the activity takes place inside the country or if they are paid in crypto for services provided in Panama.
Can you pay with crypto in shops in Panama?
Some shops, restaurants and real estate projects accept crypto voluntarily, usually through a processor that converts to dollars. It is not a widespread practice.
Can a crypto company be set up in Panama?
Yes. A Panamanian corporation can carry out activity related to digital assets, but if it operates from Panama with local clients it must comply with anti-money-laundering rules and, depending on the case, register as a reporting entity.
Related articles
Sources
- Tax Code of Panama, article 694 (territoriality principle)
- National Assembly of Panama, Bill 697 of 2022; Supreme Court of Justice ruling of 2023
- CoinGecko (prices)
- Municipality of Panama, announcement on acceptance of crypto-asset payments (2025)
This content is informative. It is not financial or tax advice, nor an investment recommendation.