TradFi bows to crypto – Bitcoin (BTC) takes its mark at Panama through a big bank from the country. However, the latter is moving cautiously from a regulatory point of view. It imposes on bitcoiners an obligation to disclose information important and puts in place other restrictions.
Panamanian Bank and Bitcoin: it’s open!
Blockchain Summit Latam Executive Director, Cristobal Pereirasaid in a tweet of May 26, 2022, that of the Panamanian bank tower bank was crypto friendly. Towerbank confirmed this announcement indicating that it was opening “its doors to bitcoiners and cryptocurrency investors”.
Towerbank Vice President of Products, Gabriel Campasaid the bank hoped “soon to have something to offer our [ses] clients “. In other words, she plans toenrich its offer current with products related to cryptocurrencies and in particular to Bitcoin.
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Towerbank: towards transparency measures
Gabriel Campa listed the documents and information that bitcoiners wishing to open an account with Towerbank must provide:
“Name, identity card or passport, telephone number, e-mail address, activity in which they are engaged, place of work, monthly income and place of residence. »
However, these people will have to communicate at Towerbank their address to store their bitcoins. They must inform the bank when opening the account if they have not only one address.
Account holders must notify Towerbank of any subsequent BTC address changes. By complying with this obligation, bitcoiners will therefore have to agree to sacrifice a certain financial discretion for the benefit of a Bitcoin friendly bank account.
The bank also imposes a ceiling of $5,000 per month for transactions related to cryptocurrencies. At the moment, it does not offer crypto/crypto exchange services.
Thus, Towerbank dives into cryptocurrencies with precaution to probably avoid any breach of the future regulations of the sector in Panama.
As a reminder, the President of Panama, Laurentino Cortizo, denied for the time being to sign the cryptocurrency bill approved by the National Assembly. It calls for additional provisions on the fight against money laundering be included in the bill.
According to the previous provisions, cryptocurrencies can hardly be used as tools for money laundering or tax evasion in Panama. As for thebitcoin adoption in the country, it will be done as well via the local bankssuch as Towerbank, than by the growing number of BTC ATMs on its streets.
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