Country guide for Panama. Also read the general guide to accepting crypto into a non-custodial company wallet , browse the offshore crypto-payments hub, and see all country guides.

Can a Panama Company Accept Crypto Payments Without a Bank Account?

A Panama company may be able to agree with a customer that a commercial invoice will be settled in cryptocurrency, but Panama requires more caution than the other jurisdictions in this series.

The country does not yet have a fully implemented, comprehensive virtual-asset-service-provider framework. An earlier crypto bill was declared unconstitutional, while multiple replacement proposals were still being discussed during 2026. As a result, a merchant should obtain Panamanian advice for its exact contract, customers, tokens and payment flow rather than relying on a general statement that crypto is either fully regulated or prohibited.

Where the underlying activity is lawful and the company is receiving its own revenue, a non-custodial wallet can provide a practical collection route when bank or payment-institution onboarding is difficult. It should not be used to imitate a bank, exchange or remittance business.

Why a Panama Company May Consider a Crypto Wallet

International Panama companies can face substantial onboarding reviews, particularly where owners, operations and customers are located in different countries. A direct wallet may provide:

cross-border payment without card acquiring;
settlement outside banking hours;
direct control of the merchant's asset;
a transparent blockchain transaction record;
less dependency on a single payment institution;
an option for customers already holding stablecoins or other cryptoassets.

The wallet does not guarantee that a bank or exchange will later accept the assets. Panama's international tax-list status and the absence of a settled VASP framework can increase due-diligence friction.

Panama's Developing Crypto Framework

In June 2023, Panama's Supreme Court declared the whole of Bill 697 — which would have regulated the commercialisation and use of virtual assets and virtual asset service providers — unconstitutional.

During 2025 and 2026, the National Assembly considered new proposals. Bill 326 concerns supervision, registration and control of virtual asset service providers, while Bill 247 concerns a broader framework for cryptocurrency use and the digital economy. Official Assembly reporting in January 2026 described both initiatives as still under analysis and highlighted the need to harmonise licensing and tax treatment.

This means a Panama company should not claim to be a licensed crypto business merely because it is incorporated. The following activities require especially careful current advice:

custody of customer cryptoassets;
exchange or brokerage;
transfers on behalf of customers;
payment collection for other merchants;
customer wallet or balance services;
token issuance or investment products.

Official sources: Panama Judicial Branch — Decision on Bill 697, National Assembly — Bill 326 Discussion, National Assembly — Bill 247 Discussion.

Is the Company Required to Convert Crypto to Fiat?

No generally applicable rule has been identified that requires every ordinary Panama merchant to convert a crypto receipt immediately into fiat. That absence should not be treated as a specific statutory safe harbour while the framework is developing.

The company should record the invoice in its applicable accounting currency and preserve the asset's fiat-equivalent value when received. Any later conversion, transfer or use of the asset should be recorded as a separate transaction.

Taxes, government fees, payroll and many business expenses may still require fiat settlement. A bank or exchange used for conversion can request enhanced evidence about the customer, invoice, wallet and transaction history.

Territorial Tax and Accounting Records

Panama applies a territorial income-tax principle. The Dirección General de Ingresos states that a taxpayer receiving income from activities performed in Panamanian territory is subject to income tax, regardless of the beneficiary's nationality, domicile or residence.

Determining the source of service income can be more complex than looking at the customer's address or the location of a blockchain node. The location of personnel, management and performance of services may be relevant.

The DGI also explains that taxpayers generally compute income, costs and expenses from accounting records using the accrual method and IFRS, subject to permitted exceptions. Receiving crypto instead of a bank transfer does not remove the revenue from those records.

Official sources: Panama DGI — Income Tax FAQ, Panama DGI — Income Tax and Accounting.

Important EU Tax-List Warning

As of the Council of the EU update adopted on 17 February 2026, Panama remained on the EU list of non-cooperative jurisdictions for tax purposes.

This is not a prohibition on accepting crypto. It can affect the practical risk assessment applied by European banks, tax authorities, payment institutions and counterparties. A Panama company using a wallet as an alternative to a bank account should therefore expect detailed beneficial-owner, substance and source-of-funds questions.

Official source: Council of the EU — Non-Cooperative Jurisdictions for Tax Purposes.

How to Use Invoiceum with a Panama Company

Invoiceum.com can create a clearer evidentiary link between the customer contract and the on-chain receipt.

Recommended invoice fields include:

Panama company name, registration and tax details.
Customer details and description of the supply.
Contractual price in USD or another agreed fiat currency.
Token, contract and exact blockchain network.
company-controlled wallet address.
Rate source and quote-expiry time.
Required confirmations.
Refund, underpayment and incorrect-network provisions.

After payment, connect the Invoiceum invoice to the transaction hash, receipt time, token amount and fiat valuation.

Invoiceum should not receive or forward the customer asset in this model. Given Panama's developing rules, introducing custody, exchange or payment intermediation would substantially increase regulatory uncertainty.

Recommended Panama Workflow

Obtain a Panamanian opinion on the underlying business and crypto flow.
Confirm that the company receives payment only for its own supply.
Approve supported tokens, networks and treasury limits.
Use a corporate multi-signature wallet.
Perform proportionate customer, sanctions and wallet screening.
Issue a fiat-denominated Invoiceum invoice.
Record the transaction and fiat value at receipt.
Preserve a complete source-of-funds and accounting file.
Recheck Bills 247 and 326 before publication or launch.

Frequently Asked Questions

Is cryptocurrency legal tender in Panama?

The relevant legislative proposals should not be treated as enacted law. A private merchant-payment arrangement requires analysis under the current general legal and tax framework.

Can a Panama company receive USDT without a bank account?

It may be possible for the company to receive a genuine customer payment directly into its own wallet, but local advice is recommended because the dedicated regulatory framework is still developing.

Must the company convert the payment to USD?

No general automatic-conversion requirement has been identified for every ordinary merchant. Fiat valuation, accounting and the practical need to meet fiat obligations remain.

Does a corporate wallet solve Panama's bankability issues?

It can provide an independent collection route. It does not remove international tax-list, off-ramp or enhanced-due-diligence risk.

How does Invoiceum reduce practical risk?

It can document the parties, supply, fiat price, wallet instructions and transaction evidence, making the source of a wallet receipt easier to explain.

Official Sources

This page provides general information and is not legal, tax, banking or accounting advice.

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Last reviewed: August 2026.