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Panama: fintech & payments regulation

Unregulated

Panama fintech/payments: No dedicated VASP law; securities/banking oversight only

Lead regulator:
Superintendencia de Bancos de Panama (SBP) / Superintendencia del Mercado de Valores (SMV)
Key law:
Decree-Law 1 of 1999 (Securities Market)
Last updated:
2026-07-12

Panama currently lacks a specific legal framework or licensing regime for Virtual Asset Service Providers (VASPs) or standalone fintech entities. The provided regulatory documents focus exclusively on the securities market, supervised by the SMV, and the banking sector, supervised by the SBP.

The SMV regulates securities houses, brokers, and investment advisors under Decree-Law 1 of 1999 and subsequent amendments, requiring operational manuals and specific licenses for natural and legal persons. The SBP oversees banking activities, including clearing and settlement systems like ACH and RTGS, but does not issue fintech or crypto licenses.

Consequently, entities offering crypto-asset services operate in an unregulated space unless they qualify for existing banking or securities licenses, which are not designed for pure-play fintech or virtual asset activities.

Who regulates

  • Superintendencia del Mercado de Valores (SMV)

    Supervises securities market participants, including securities houses, brokers, and investment advisors.

    [1][2]

  • Superintendencia de Bancos de Panama (SBP)

    Supervises banking institutions and payment clearing/settlement systems.

    [3][4]

Core laws & rules

  • Decree-Law 1 of 1999 (1999)

    Establishes the Securities Market Superintendence and regulates securities market participants, requiring licensing for securities firms and investment advisors.

    [5][1]

  • Law No. 66 of 2016 (2016)

    Amends the Single Text of Decree-Law 1 of 1999 to modify the regulatory framework for securities activities.

    [6]

Licensing & registration

  • Securities Houses and Brokers

    Licensing required for securities houses, brokers, analysts, and executives, with requirements for operational manuals and specific professional qualifications.

    [7][8]

  • Banking

    Banking licenses required for financial intermediation; prior authorization needed for changes in control or significant influence.

    [3]

Restrictions & warnings

  • No specific restrictions or bans on virtual assets are established in the provided documents, as no dedicated fintech or crypto legislation exists.

    Low confidence — verify with the regulator before relying on this.

Direction of travel

  • The regulatory focus remains on traditional securities and banking sectors; no recent documents indicate imminent legislation for fintech or virtual assets.

    Low confidence — verify with the regulator before relying on this.

Sources

  1. Unified Text of Decree Law No. 1 of 1999 on the Securities Market in Panama · 2013-10-16
  2. Single Text of Decree-Law No. 1 of 1999 Regarding the Securities Market and the Securities Market Superintendence of Panama · 2013-09-27
  3. Agreement No. 4 (2021) Modifying Article 2 and Adding Article 14-A to Agreement No. 1-2004 · 2021-11-01
  4. Agreement No. 6 (2020) Modifying Agreement No. 1-2016 on ACH Clearing and Funds Availability · 2020-06-25
  5. Decree-Law 1 of July 8, 1999 · 1999-07-08
  6. Law No. 66 of December 9, 2016, Amending the Single Text of Decree-Law 1 of 1999 Regulating the Securities Market in the Republic of Panama · 2016-12-09
  7. Agreement 5-2024 of May 22, 2024 Adding Provisions to Articles 8 and 9 of Agreement No. 2-2011 · 2024-05-22
  8. Agreement 10-2022 of December 7, 2022 Modifying Articles 11, 13, and 14 of Agreement 05-2014 · 2022-12-07

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This guide is compiled automatically from 8 primary-source documents published by Panama's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.