Panama’s Superintendence of the Securities Market (SMV) reported its participation in Nodes Panama 2026, a forum addressing digital asset regulation and financial innovation.
Alexander Atencio, the SMV’s legal director, joined a discussion on Panama’s current regulatory landscape and potential next steps.
A central theme was the importance of assessing digital assets according to their economic substance, actual use, and associated risks rather than relying solely on technological labels.
The discussion also acknowledged that virtual asset service providers may perform materially different activities and therefore present different supervisory considerations.
Implications for regional businesses
Digital assets can serve several purposes, including payments, financing, investment, custody, and value transfers.
Those functions may trigger different legal requirements and fall under the authority of different regulators.
Companies evaluating operations across Panama and El Salvador should distinguish among:
- Obtaining a regulatory authorization.
- Structuring or issuing a financial instrument.
- Marketing an investment product in a particular jurisdiction.
- Providing regulated financial or technology services.
Has Panama approved a new law?
The SMV announcement does not report the enactment of a new digital asset law. It describes an ongoing policy discussion involving existing regulation and legislative proposals.
LEAD Observatory perspective
The discussion highlights the importance of cross-border regulatory analysis. Authorization under El Salvador’s Digital Assets Issuance Law does not replace an assessment of applicable Panamanian requirements.
Primary sources
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