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Panama vs United States

Crypto regulation comparison

← Back to map | Panama | United States
Panama

Panama

United States

United States

Legal
Legal

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.

The United States has the world's most complex crypto regulatory landscape, with overlapping federal and state jurisdictions. The SEC regulates crypto securities and has pursued enforcement actions against exchanges and token issuers. The CFTC oversees crypto derivatives and considers Bitcoin a commodity. FinCEN applies BSA requirements to crypto exchanges as money service businesses. The IRS taxes crypto as property: short-term gains at income tax rates (10-37%), long-term gains at 0-20%. New 1099-DA broker reporting rules take effect from 2025. Multiple states have their own requirements, with New York's BitLicense being the most stringent.

Tax Type None
Tax Type Capital gains
Tax Rate 0%
Tax Rate 0-37%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator SBP (Superintendencia de Bancos de Panamá), SMV
Regulator SEC, CFTC, FinCEN, OCC, IRS, State regulators
Stablecoin Rules No specific stablecoin regulation
Stablecoin Rules Stablecoin legislation actively being developed in Congress; existing oversight by SEC, CFTC, state regulators
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
  • SEC regulates crypto as securities under Howey test; major enforcement actions (Ripple, Coinbase, Binance)
  • CFTC classifies Bitcoin and Ether as commodities; oversees derivatives markets
  • IRS treats crypto as property: short-term gains taxed at 10-37%, long-term (1yr+) at 0-20%
  • FinCEN requires exchanges to register as MSBs and comply with BSA/AML requirements
  • 1099-DA broker reporting for centralized exchanges effective from tax year 2025
Sources
Sources