PANAMA Trends and Developments Contributed by: Kharla Aizpurua Olmos, Roberto Vidal, Miguel Arias and Eduardo Oteiza, Morgan & Morgan
At the same time, fintech activities remain subject to existing regulations such as Law 23 of 2015, which already imposes robust risk‑based compliance obli - gations on financial and non‑financial actors. As the ecosystem grows more complex through the conver - gence of digital assets, AI‑driven tools and innovative financial products, Panama’s overarching challenge is to create a harmonised framework that both enables innovation and preserves systemic safeguards. Ultimately, the effectiveness of Panama’s future fin - tech regime will depend on the consistency and integration of these legislative initiatives. A compre - hensive statutory framework could serve as the uni - fying structure that consolidates rules for VASPs, AI governance, digital‑finance verticals and supervisory co-ordination. Achieving this coherence will be critical to attracting responsible investment, fostering finan - cial inclusion and strengthening Panama’s position as a competitive and reputable financial hub. If the National Assembly succeeds in enacting a balanced and modernised regime with clear institutional roles, proportional oversight and strong AML and consumer protection controls, Panama will be well positioned to support the sustainable development of its digital economy and provide long‑term regulatory certainty for market participants.
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