Panama vs Russia
Crypto regulation comparison
Panama
Russia
Panama passed Law 129 in 2024 regulating crypto assets, virtual asset service providers, and tokenized securities. Panama has no capital gains tax on foreign-sourced or investment income, making it attractive for crypto investors. The law provides a regulatory framework for exchanges and establishes AML/KYC obligations for VASPs.
Russia's crypto regulation is complex and evolving. The 2021 'On Digital Financial Assets' law recognizes crypto as property but bans its use as a means of payment. Mining was legalized and regulated in 2024 under a new mining law. Crypto is taxed as income at 13-15%. The CBR pushed for a total ban on crypto trading but was overruled by the government, which favors regulation. International sanctions have complicated Russia's crypto landscape.
Key Points
- Law 129 (2024) regulates crypto assets and VASPs in Panama
- No capital gains tax on investment or foreign-sourced income (territorial tax system)
- VASPs must comply with AML/KYC requirements under the new framework
- Crypto payments for commercial transactions are permitted
- Panama's territorial tax system means crypto gains from international trading are untaxed
Key Points
- Digital Financial Assets law (2021) recognizes crypto as property but bans use as payment
- Crypto mining officially legalized and regulated under 2024 mining legislation
- Crypto income taxed at 13% (up to RUB 5M) or 15% (above RUB 5M)
- Domestic crypto exchanges not legally operating; P2P trading widespread. CBR framework Dec 2025 targeting July 2026.
- International sanctions have increased interest in crypto for cross-border transfers