Panama vs Uzbekistan
Crypto regulation comparison
Panama
Uzbekistan
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.
Uzbekistan has actively regulated crypto since 2018, when it established the NAPM (initially NAPCI) to oversee virtual assets. Licensed crypto exchanges operate in a regulatory sandbox. Individual crypto trading profits are exempt from tax. Uzbekistan has also established a state-backed mining pool and licensing regime for miners, leveraging its energy resources.
Tax Type
None
Tax Type
None
Tax Rate
0%
Tax Rate
0%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
SBP (Superintendencia de Bancos de Panamá), SMV
Regulator
NAPM (National Agency for Prospective Projects)
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
Regulated under NAPM virtual asset framework
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
- NAPM oversees virtual asset regulation and licensing
- Licensed exchanges operate under regulatory framework since 2018
- Individual crypto trading exempt from income tax
- State-backed mining pool and licensing for crypto miners
- Only licensed platforms can offer crypto services; unlicensed platforms blocked