Panamanian President Laurentino Cortizo recently sent cryptocurrency legislation passed last year to the High Court for review, having previously stated that the bill violated core principles of the constitution and was unenforceable. The Supreme Court must now decide whether to declare the legislation unenforceable or approve it after modification.
According to an official statement, the government considers Sections 34 and 36 of the bill to be unenforceable as they violate the country’s principle of separation of powers by creating an executive body within the government.
President Cortizo partially vetoed the bill last June, arguing that it was passed through an inadequate process. At the time, the president argued that the bill needed more work to comply with new regulations recommended by the FATF aimed at increasing fiscal transparency and preventing money laundering. (Cointelegraph)
