On October 9, at the Exsusa auditoriumat the Bloc Office Hub in Santa María hosted the discussion titled “Approach to the Regulation of Digital Assets in Financial Markets,” organized by APAMEC, QUIJANO & ASSOCIATES, and FEANOR.

The president of APAMEC, Sergi Lucas, opened the event by emphasizing that digital assets have shifted from a futuristic concept to a concrete global reality. However, he warned that Panama has not yet adequately interpreted this reality, while other nations are already taking advantage of the opportunities these assets present by efficiently integrating them into their financial systems.

In 2021, Deputy Silva took a significant step by identifying digital assets as a key opportunity for Panama to position itself as a world-class technology and innovation hub. His legislative proposal, approved in April 2022, was an initial attempt to integrate our country into this global ecosystem. Although it was declared inapplicable by the Executive Branch, it laid the groundwork for an essential debate.

Recently, international organizations have urged Panama to regulate this area as part of aligning with global standards. My hope, which many share, is that Panama does not regulate merely out of obligation but with a vision that recognizes this opportunity as a pathway to becoming a global leader in this sector.

Today’s event was vital in fostering discussion on various perspectives regarding digital assets. Some view them as tools for economic innovation, while others rightly emphasize the need for clear and responsible regulation that protects both the market and users.

Sergi Lucas highlighted that, as market leaders, we have a responsibility to proactively seize the opportunities of this new industry while ensuring market security and stability through modern and effective regulation.

Dr. Alfredo Muñoz, an expert in the field, provided a comprehensive view of the technological context and legal challenges associated with crypto assets. With over 25 years of experience, Dr. Muñoz is a professor of Commercial Law at the Complutense University of Madrid and director of the Advanced Diploma in Blockchain at the UCM School of Legal Practice. His presentation included a detailed categorization of the various types of crypto assets, as well as topics such as:

1. Characteristics of Blockchain
2. Types of Cryptocurrency Wallets
3. Principles on Digital Assets 2023
4. Taxonomy of Tokenized Money
5. European Alternative: The Digital Euro
6. Concept and Delimitation of Tokenizations
7. Crypto Regulatory Mapping 2024
8. Tokenizations of Financial Instruments
9. EU Regulation on Capital Markets in DLT and its implementation in member states.

The moderators, Oliver Muñoz from Quijano & Associates and Sergio Tertusio from Feanor, conducted an in-depth analysis of the legal framework surrounding crypto assets, highlighting their potential to transform various sectors of society. The structure of the event focused on defining each topic from a technical and legal perspective and exploring the legal challenges that arise in the regulatory creation process.

This discussion made it clear that technology is advancing at a faster pace than regulation, underscoring the urgent need to adapt existing financial regulations to new digital uses.

Finally, we would like to express our gratitude to Dr. Alfredo Muñoz for his valuable presentation, as well as to APAMEC and FEANOR for joining us at this important event. Together, we continue to work towards positioning Panama at the forefront of digital asset regulation.