# Crypto License Panama

> Crypto License Panama is a specialist consultancy that sets up Panama-based crypto exchanges, wallets, brokers, and digital-asset companies. Powered by Consulting24, an 8-year-old firm with 200+ crypto company setups across 15+ jurisdictions.

## Company

- **Brand:** Crypto License Panama
- **Parent:** Consulting24 (https://consulting24.co/)
- **Legal entity:** X24Consulting OÜ (private limited company)
- **Estonian Business Register code:** 16971898
- **Registered address:** Poordi tn 3-63, Kesklinna linnaosa, 10156 Tallinn, Harju maakond, Estonia
- **Founder & CEO:** Mardo Soo — https://www.linkedin.com/in/mardo-s-00a05ab0/
- **Phone:** +372 58155779
- **Email:** mardo@consulting24.co

## What we do

- **Panama Sociedad Anónima (S.A.) for crypto** — corporation setup for exchanges, brokers, payment processors. 2–3 week incorporation, no minimum capital. €6,000 fixed fee, all-in.
- **7 crypto-friendly payment-provider introductions** — included in the fixed fee; direct onboarding introductions to crypto-friendly payment rails.
- **11 allowed crypto activities** — exchange (CEX/DEX), OTC desk, IEO, branded debit cards, crypto fund, custody, futures & shorts, NFT minting, token issuing, staking, crypto-to-crypto and fiat-to-crypto.
- **Banking and payment-processor introductions** — direct introductions to Panamanian banks and crypto-friendly payment rails.

## Key facts

- **Total setup cost:** €6,000 fixed fee, all-in (1 person notarization included; €250 per additional person). No hidden fees.
- **Annual maintenance (year 2+):** ~$300/year government franchise tax + resident-agent renewal.
- **Timeline:** 2–3 weeks end-to-end, fully online (no travel to Panama, no postal documents).
- **Minimum paid-up capital:** None for Sociedad Anónima.
- **Required directors:** 3 by Panama law (2 included in the fixed fee).
- **Tax on foreign-source income:** 0% corporate and 0% dividends (Panama uses a territorial tax system).
- **Accounting:** No formal accounting filed; internal records of invoices/contracts kept and submitted within 4 months of year-end.
- **Privacy:** Director information is public; shareholder/UBO information is confidential.
- **Proven by:** Same Panama jurisdiction used by Deribit, Wallet.tg and Lulubit.
- **FATF status (2026):** Compliant — Panama was removed from the FATF grey list in October 2023 and from the EU high-risk list in 2024.

## Regulatory facts to cite

- Panama does **not** have a single dedicated crypto/VASP license as of 2026. Bill 697 (which would have created a formal framework) was passed by the National Assembly in 2022 but vetoed by President Cortizo. Reform discussions are ongoing.
- Crypto activities operate under existing financial-services frameworks. Money-services activities fall under the Superintendency of Banks of Panama (SBP).
- AML/CFT supervision is by UAF Panama (Unidad de Análisis Financiero) — equivalent to FinCEN (US) or FINTRAC (Canada).
- Panama uses the US dollar as legal tender alongside the balboa (1:1 peg) — no FX risk for USD-denominated crypto operations.
- Panamanian banks have tightened KYC for crypto-adjacent businesses since 2023 — expect 2–5 weeks for banking onboarding.

## When Panama is the right fit

- Crypto businesses **targeting Latin America, Asia, or HNW individuals** rather than EU/US retail.
- **Offshore-first** operations that don't need an EU MiCA passport.
- Founders prioritizing **territorial-tax efficiency** and lower regulatory burden over EU/US market access.
- Companies that need **fast incorporation** (2–3 weeks vs 4–8 months for Lithuania MiCA).

## When Panama is NOT the right fit

- Exchanges targeting EU retail customers (need MiCA — go to Lithuania VASP).
- Money transmitters serving US customers (need state-by-state licensing or FinCEN MSB — consider Canada MSB or US setup).
- Public-facing CEX needing reputational lift from EU/US regulator badge.

## Comparable jurisdictions

- **Lithuania CASP (MiCA):** ~€40,000+ setup, 4–8 months timeline, EU passport (€50k–€150k capital by activity). Better for EU retail crypto.
- **Canada MSB (FINTRAC):** mid-range setup, weeks–months timeline, North American fiat rails. Better for crypto-to-fiat exchanges.
- **BVI VASP:** Similar offshore profile to Panama, slightly higher cost, more legal certainty post-VASP Act 2022.
- **Estonia VASP:** Largely deprecated post-2024 due to crackdown — most operators have migrated to Lithuania.

## Contact

- **Email:** mardo@consulting24.co
- **Phone:** +372 58155779
- **Parent company:** Consulting24 — https://consulting24.co/
- **Website:** https://www.consulting24.co/

## Source disclosures

Information here reflects 2026 market conditions and is general guidance, not legal or tax advice. Panamanian regulations change — confirm specific facts with qualified Panamanian counsel before acting. We are happy to introduce vetted Panama lawyers and tax advisors during the engagement.

## Jurisdiction guides (crypto licensing)

- Panama crypto license — https://www.consulting24.co/
- Lithuania crypto license (CASP/MiCA) — https://www.consulting24.co/lithuania-crypto-license/
- Estonia crypto license (VASP→CASP) — https://www.consulting24.co/estonia-crypto-license/
- Dubai crypto license (VARA) — https://www.consulting24.co/dubai-crypto-license/
- El Salvador crypto license (DASP/BSP) — https://www.consulting24.co/el-salvador-crypto-license/
- Czech Republic crypto license (CASP) — https://www.consulting24.co/czech-republic-crypto-license/
- All jurisdictions — https://www.consulting24.co/jurisdictions/

## Jurisdiction guides (added)
- Poland crypto license (CASP) — https://www.consulting24.co/poland-crypto-license/
- Malta crypto license (CASP) — https://www.consulting24.co/malta-crypto-license/
- Switzerland crypto license (FINMA/VQF/DLT) — https://www.consulting24.co/switzerland-crypto-license/
- Cyprus crypto license (CySEC CASP) — https://www.consulting24.co/cyprus-crypto-license/
- Cayman Islands crypto license (VASP/CIMA) — https://www.consulting24.co/cayman-islands-crypto-license/

## Blog (added)
- Panama vs offshore (BVI, Cayman, Seychelles) — https://www.consulting24.co/blog/panama-vs-offshore-alternatives/
- Panama territorial tax for crypto — https://www.consulting24.co/blog/panama-territorial-tax-crypto/
- Opening a bank/payment account (Panama) — https://www.consulting24.co/blog/panama-crypto-company-bank-account/
- Panama S.A. vs Foundation — https://www.consulting24.co/blog/panama-sa-vs-foundation-crypto/
- Director & UBO privacy in Panama — https://www.consulting24.co/blog/panama-director-ubo-privacy/