Singapore-based Wajirux is moving its base to Panama after a local court opposed the restructuring plan. Crypto Exchange announced the court’s decision via a post on June 4, 2025.

In an email shared with the userbase, Wazirx detailed a recently compiled document revealing that Wazirx’s parent company Zettai will be rebranding the region’s brand.

The document states, “Zettai has taken steps to incorporate its subsidiary Zensui Corporation in the Republic of Panama, preparing to move the platform’s cryptocurrency-related services to Zensui.”

The news comes as Singapore’s central bank requires local crypto service providers to halt digital token services to overseas markets. The deadline for this mission is June 30th, 2025.

The court’s decision seems likely to cause payment rollouts to hit a massive obstacle, delaying refunds to those affected by the hack. In an email to creditors, Wazirux said: “The Honorable High Court of Singapore has issued an order denying approval of the proposed restructuring plan.”

The Honorable High Court of Singapore has issued an order denying approval of the proposed restructuring plan. Although this result was not what we expected, we are fully committed to respecting the court’s decisions and abide by all legal and regulatory processes.

Our primary… pic.twitter.com/jrxffwnmba

– Wazirxindia: India KA Bitcoin Exchange (@wazirxindia) June 4, 2025

Interestingly, the court first approved the Wazirx plan in January. This is because they were seeking protection from liquidation following a $230 million hack by the North Korean Lazarus Group. Wazirx’s plan outlined the process by which creditors could vote on whether or not they would accept the terms.

Currently, if the restructuring fails as creditor repayment timelines are again cast into uncertainty, Waxilx could face liquidation under Section 301 of the Singapore Business Act, resulting in the sale of the remaining assets of the Company.

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Zensui issues Wazirx Recovery token

Zettai will incorporate its subsidiary Zensui into Panama on March 10, 2025 and will take over future business. They have already concluded an agreement to transfer Zettai’s business to a new subsidiary, and once they do so, Zensui will receive cryptocurrency services within 2-3 business days.

Additionally, Zensui oversees the issuance of Wazirx recovery tokens as part of the company’s compensation strategy for those affected by the hack. The company also said it does not seek a license to continue its operations in Singapore or register with the Indian Financial Information Unit.

The recovery token issued by Zensui will probably act as an on-chain Iou (I borrow you). It is designed to be created against each creditor on the exchange and represents an unresolved claim that is not covered by the initial distribution.

It also serves as a way to track the remaining balance of users. Token holders receive periodic distributions funded by Wazirx’s profits and recovered assets.

Additionally, creditors were heavily supportive of Wajirux’s post-hack restrictions plan, as more than 90% of voted creditors support the scheme. Wazirx previously said that tokens could potentially restore 75% to 80% of the user’s account balance when hacked.

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Panama City Mayor Mayer Mizrachi has hinted at establishing a city-level Bitcoin reserve in a cryptic post following his meeting with two of El Salvador’s Bitcoin policy leaders.

“Bitcoin Reserve,” Mizrachi wrote to X on May 16 after meeting El Salvador-based Bitcoiners Max Keiser and Stacy Herbert.

While Mizrachi didn’t share details about his discussions with Keiser and Herbert, the timing of the post came 11 days before the Bitcoin 2025 conference in Las Vegas, where Mizrachi is scheduled to speak.

The creation of a Bitcoin reserve in Panama City would follow a recently approved measure permitting the use of crypto for public payments, including taxes, fines and municipal fees.

Bitcoin (BTC), Ether (ETH), Tether (USDT) and USDC (USDC) will be accepted once the crypto-to-fiat payment rails are established, Mizrachi said at the time.

To push for a Bitcoin reserve at the federal level, Mizrachi would need to collaborate with Panama’s National Assembly to craft legislation. 

There’s no evidence to suggest that he has taken such measures.

Mizrachi’s post follows the recent enactments of two Bitcoin reserve bills in the US states of Arizona and New Hampshire. 

Ukraine is also reportedly inching closer toward adopting Bitcoin as a national reserve asset, local media reported earlier in the month.

Mizrachi, Keiser and Herbert discussed Bitcoin mining, education

A post from Keiser suggests the trio spoke about how Panama and El Salvador can leverage renewable energy to bolster their Bitcoin mining operations.

“Bitcoin is transforming Central America. El Salvador’s geothermal & Panama’s hydro-electric will power the Bitcoin revolution.”

Herbert also noted that Panama City will integrate El Salvador’s “What is Money?” financial literacy textbook into its online library system.

Related: Basel Medical shares down 15% on $1B Bitcoin buying plans

Keiser and Herbert have played a crucial role in crafting El Salvador’s Bitcoin policy, which includes a Bitcoin reserve consisting of 6,179 Bitcoin (BTC), worth nearly $640 million.

Keiser serves as President Nayib Bukele’s Bitcoin advisor, while Herbert runs the country’s Bitcoin Office.

Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee

]]> https://earlybirdsinvest.com/panama-city-mayor-teases-bitcoin-reserve-after-meeting-el-salvadors-bitcoin-leaders/feed/ 0 36678 https://earlybirdsinvest.com/panama-city-mayor-hints-at-bitcoin-reserve-following-meeting-with-el-salvador-advisors/ https://earlybirdsinvest.com/panama-city-mayor-hints-at-bitcoin-reserve-following-meeting-with-el-salvador-advisors/#respond Fri, 16 May 2025 16:42:26 +0000 https://earlybirdsinvest.com/panama-city-mayor-hints-at-bitcoin-reserve-following-meeting-with-el-salvador-advisors/

May 6th Will Panama become the next capital cryptocurrency?

Known as a long and outstanding financial centre, Panama gradually grows from traditional financial centres to become a cradle of digital assets, gradually increasing from traditional financial centres with sensible steps such as accepting voluntary crypto payments, licensing virtual asset suppliers (VASS) and consolidating blockchains. The Panama Blockchain Week 2025 event brings the whole world to focus on the crypto industry. There are still some ripples in the balance between innovation and management, but with strategic locations, priority taxes and progressive legislation, Panama is drawing promising prospects for the global digital economy.

Crypto: A new game for the financial giant?

Panama has long been known as a financial centre for bank security and tax priority policies. Recently, the country has decided to turn wind into a potential destination for the cryptocurrency industry when it coordinates its legal framework to welcome Bitcoin and digital asset companies. Although not as much as El Salvador, recent legislative efforts – as they are permitted to pay in crypto for public services – show a clear opening. There are no tax quotes from the territorial tax system, no taxes from the crypto, and light management makes Panama extremely attractive to investors and businessmen.

The government has launched an initiative to promote applications while ensuring compliance with international standards for anti-money laundering. Bills such as Act No. 129 and subsequent proposals established the framework of the VASP license and approval of digital assets for commercial payments. In particular, Panama City is leading by accepting Bitcoin and Stubcoin payments for taxes and licenses through partnerships with local banks, demonstrating the practice of using crypto with government support.

The development of this legal framework will lead to a wave of crypto players who want to build facilities in Panama, from wealthy digital nomads to crypto businessmen to remote workers. The low cost of living, free lifestyle and convenient locations of both the Caribbean Bank and the Pacific Bank have transformed Panama into a popular choice. The Casco Viejo or Bocas Del Toro real estate market has also been adapted, with many properties being sold through Bitcoin or smart contracts, attracting blockchain acquaintances.

In addition to real estate, Panama’s crypto community is becoming increasingly inspiring to developers, with investors constantly holding workshops and meetings. Many new businesses are testing decentralized applications (DAPPS) and blockchain services. Once the legal framework is completed, Panama is gradually transforming from a traditional offshore banking centre to an energy destination in the digital economy.

Panama Blockchain Week 2025: Top Notch Technology Festival!

Panama Blockchain Week 2025, which will be held from April 22-24, is a key milestone in our ambition to become a major blockchain centre in Latin America. Over the course of three days, the event brought together businessmen, developers, investors and government representatives, all to explore Crypto’s growing role in finance, management and technology. Topics from education, investment, business and entertainment are actively discussed in the Web3 ecosystem by presenting both large projects and new ideas.

The first day focused on the challenges of anti-money laundering to launch a high-level conversation between policy makers and industry leaders. President Jose Raul Murino and his leading financial leaders highlighted Panama’s role in connecting traditional financial and decentralized technologies. In addition to the official programme, the event also reflects Panama’s strategic efforts in creating a favourable environment for digital innovation.

Does Panama attract businessmen from around the world?

Panama’s progressive view of this national digital assets holds a competitive position among emerging crypto centres. With a voluntary crypto payment model, the legal framework of VASP licenses and the reforms of public management, Panama sends a signal that they want to be a business-friendly environment. At the same time, Panama will apply a flexible approach to enable individuals and businesses to determine their participation level in cryptocurrency.

Compared to Switzerland, Panama still has a lot to do to build an adult ecosystem. However, the benefits of low operating costs, attractive tax policies and strategic locations will help Panama easily attract young entrepreneurs, digital nomads and startups to find flexibility. Malta and Singapore are also interesting examples of comparisons. Panama’s approach is in the middle and brings about a management structure, but there are few supervisions that are suitable for small businesses and test projects.

in short,: Panama’s success in attracting global crypto entrepreneurs depends on the way the country balances innovation and management fields. Integrating digital assets into public services, comprehensive financial promotion through encryption, and maintaining a business-friendly tax structure is suitable for trends in decentralization and autonomy. If this goes well, Panama can become a completely main destination outside of other well-known legal regions of the digital property economy. And perhaps your future is related to this sunny land and this opportunity
Don’t forget to follow the bitfinex Vietnam Community telegram, Twitter & Facebook To update articles, information and events as soon as possible!

]]> https://earlybirdsinvest.com/will-panama-become-the-next-capital-cryptocurrency/feed/ 0 34729 https://earlybirdsinvest.com/is-panama-the-next-hotspot-for-crypto-adoption/ https://earlybirdsinvest.com/is-panama-the-next-hotspot-for-crypto-adoption/#respond Sat, 03 May 2025 10:55:54 +0000 https://earlybirdsinvest.com/is-panama-the-next-hotspot-for-crypto-adoption/

May 2nd Is Panama the next hotspot for crypto adoption?

Panama steadily places itself as a major destination for digital asset innovation, leveraging its historical role as a financial hub and adapting its regulatory environment to attract entrepreneurs and investors. Through voluntary crypto payment initiatives, licensing frameworks for virtual asset providers, and integration of digital assets into public services, Panama offers other financial centres a flexible, business-friendly alternative. Events like Panama Blockchain Week 2025 are introducing more national ambitions and attracting international attention for its growing crypto ecosystem. The challenge remains to balance innovation and regulatory oversight, but suggests that Panama’s strategic position, favorable tax policies and evolving legal framework are on the way to become a key player in the global digital economy.

Does another Global Financial Center employ digital assets?

Panama has long held its strategic role as a global financial centre known historically for its banking secret laws and favorable tax policies. In recent years, the country has begun to establish itself as a new destination for cryptocurrency innovation, adapting its regulatory environment to welcome the Bitcoin and digital asset business. Panama doesn’t accept Bitcoin like El Salvador, but new legislative efforts, including the voluntary acceptance of crypto payments for local government services, show an increased openness towards integrating digital assets into the economy. The country’s territorial tax system, the lack of capital gains tax on crypto, and the haptic sense of regulation make it particularly appealing to investors and entrepreneurs seeking a flexible financial foundation.

The government has introduced several initiatives aimed at promoting recruitment, ensuring compliance with international standards for money laundering and financial transparency. Bills such as Act No. 129 and subsequent proposals create a framework for licensing virtual asset service providers (VASPs) and recognize digital assets for payment and commercial use. Previous legislative efforts faced political hurdles, but ongoing reforms are trying to balance innovation and surveillance. In particular, Panama City recently approved tax and permit Bitcoin and Stubcoin payments through partnerships with local banks, presenting practical government-supported use cases for cryptocurrency.

This evolution of regulations is consistent with a prominent influx of wealthy digital nomads, crypto entrepreneurs and remote workers seeking to establish a base in Panama. The combination of modern infrastructure, access to both the Caribbean coast and the Pacific coast, relatively low cost of living, and freedom of lifestyle make it an increasingly popular option. Regional real estate markets such as Casco Viejo and Bocas Del Toro are increasingly being sold and sold through the arrangement of Bitcoin or smart contracts, appealing to buyers accustomed to blockchain-based transactions.

Beyond real estate and finance, Panama’s growing crypto scene is supported by a vibrant community of developers, investors and innovators, enhanced by regular meetups, meetings and workshops. The new business is leveraging Panama’s relaxed environment to experiment with distributed applications (DAPPS) and blockchain-based services. Panama continues to refine its legal framework and develop a reputation that is steady from a traditional offshore banking hub to a dynamic destination for next-generation digital economy participants.

Panama’s Blockchain Week was a huge success

Panama Blockchain Week 2025, held April 22-24 at the Panama Convention Centre, was a key milestone in the country’s ambition to establish itself as a major hub for blockchain innovation in Latin America. Over three days, the event brought together a diverse audience of entrepreneurs, developers, investors and government representatives, and all came together to explore Crypto’s growing role in finance, governance and technology. The conference, which was centered around subject blocks such as education, investment, business and leisure, offered a wide range of panels, workshops and exhibitions, introducing both established projects and emerging startups across the Web3 ecosystem.

The first day featured a VIP Financial Summit focusing on the challenges of money laundering, setting the stage for a high-level conversation between policymakers and industry leaders. Subsequent sessions included blockchain councils and investor nights held in Zielo, providing a platform to present the initiative to potential supporters for startups. The final day was expanded with digital assets education and sector-specific applications, culminating in Caribbean-themed closing celebrations. Throughout the event, speakers, including President Jose Raul Murino and executives from major financial institutions, highlighted the growing role of Panama in filling traditional finance and decentralized technology.

Beyond official programming, Panama Blockchain Week highlighted the country’s broader strategic efforts to create a favorable environment for digital innovation. The recent development of regulations, including the voluntary acceptance of cryptocurrencies for local government payments and the introduction of licensing frameworks for virtual asset service providers, has been a recurring theme under discussion. These measures were viewed as important in combining Panama’s established reputation as a financial centre to attract global blockchain businesses and foster a collaborative and positive ecosystem.

Overall, the event served not only as a forum to demonstrate technological advancements, but also as a reflection of Panama’s evolving economic strategy. By leveraging its geographical status, legal reform and a growing workforce that is well-versed in crypto, Panama aims to position itself at the intersection of finance, technology and innovation. Panama Blockchain Week 2025 reinforced the country’s intention to play a leading role in the digital transformation of Latin America, signaling both opportunities and commitment to responsible development in the digital assets sector.

Does Panama’s progressive stance on digital assets attract entrepreneurs from all over the world?

Panama’s increasingly open stance on digital assets puts it a competitive position among the emerging crypto hubs around the world. By encouraging voluntary crypto payments, establishing a licensing framework for virtual asset service providers, and adopting a model that employs administrative innovation, Panama demonstrates its intention to become a welcoming environment for entrepreneurs. At the same time, Panama has adopted a flexible approach, allowing businesses and individuals to choose whether to engage in digital currency. This practical model could appeal to a wider range of entrepreneurs who prefer regulatory clarity without compulsory adoption.

Compared to the established Swiss Crypto Valley in Zug, Panama does quite a bit of work in building a fully mature ecosystem. The Swiss regulatory environment is distinguished by all clear and comprehensive frameworks, from token classification to banking services, providing a high degree of legal certainty for entrepreneurs. However, Panama offers benefits such as reduced operating costs, favorable territorial tax policies, and strategic geographical locations that bridge North and South America. While it may not be comparable to Switzerland in the depths of the facility yet, Panama’s lighter-regulated touch and lifestyle parks could attract young entrepreneurs, digital nomads, and startups looking for agility rather than heavy compliance obligations.

Malta and Singapore offer an extra point of contrast. Malta attracted early attention with its ambitious digital asset regulations, but faced criticism of inconsistent enforcement and concerns from international financial regulators. In contrast, Singapore has evolved into a global financial centre for digital assets with a tough but predictable licensing regime that attracts key exchanges and institutional players. Panama’s mid-ground approach provides a regulatory structure without overly burdensome monitoring, and shows that it is closer to Malta’s original vision, but recognizes the need to maintain international credibility. For entrepreneurs who prioritize flexibility, Panama can present a closer compliance environment in Singapore, particularly a more attractive alternative to SMEs and experimental projects.

Ultimately, whether Panama has succeeded in bringing out a global influx of crypto entrepreneurs depends on how effectively it balances innovation and regulatory discipline. Efforts to integrate digital assets into public services, promote financial inclusion through the adoption of crypto, and maintain a business-friendly tax structure that is consistent with its tendency to support decentralization and autonomy. However, we must also ensure that regulatory frameworks continue to evolve in ways that meet both national priorities and international standards. If Panama can balance this, it is well located to become a major destination alongside other major jurisdictions in the digital asset economy.

]]> https://earlybirdsinvest.com/is-panama-the-next-hotspot-for-crypto-adoption/feed/ 0 34160 https://earlybirdsinvest.com/bitcoin-and-crypto-payments-authorized-for-municipal-services-in-panama-city/ https://earlybirdsinvest.com/bitcoin-and-crypto-payments-authorized-for-municipal-services-in-panama-city/#respond Fri, 18 Apr 2025 17:25:25 +0000 https://earlybirdsinvest.com/bitcoin-and-crypto-payments-authorized-for-municipal-services-in-panama-city/

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In a Thursday announcement, the Panama City Council has officially unveiled that is has approved the acceptance of Bitcoin (BTC) and other digital assets for municipal services including tax, fees and permits. 

Panama City Council Votes To Embrace Bitcoin And Crypto

Mayor Mayer Mizrachi announced the decision on X (formerly Twitter), highlighting the council’s Bitcoin vote as a pivotal moment for the city. “Panama City council has just voted in favor of becoming the first public institution of government to accept payments in crypto. Citizens will now be able to pay taxes, fees, tickets, and permits entirely in crypto, starting with BTC, ETH, USDC, and USDT,” Mizrachi stated.

This decision represents a major shift in how residents can interact with their local government, allowing for seamless transactions using Bitcoin and digital currencies for everyday expenses. 

While announcing this development, the mayor also emphasized that this achievement was realized without the need for new Bitcoin and crypto legislation, a challenge that had previously hindered similar initiatives in the country. 

“Prior administrations tried to push a bill in the senate to make this possible, but we found a simple way to do it without new legislation,” The Panama City mayor further explained.

Banking Agreement For Cryptocurrency Transactions

The approach involves partnering with a bank that will process the transactions, receiving payments in cryptocurrencies and converting them to US dollars on the spot. 

This partnership not only facilitates the acceptance of digital currencies but also ensures compliance with existing legal frameworks that mandate public institutions to receive funds in dollars. “This allows for the free flow of crypto in the entire economy and entire government,” Mizrachi added.

The Panama City Mayor’s Office further confirmed the news through its official social media channels, stating, “We will soon become the first public institution in the country to allow payment for municipal services in cryptocurrency, through an authorized bank that will be responsible for converting the proceeds into dollars for the Mayor’s Office.”

Looking ahead, Mayor Mizrachi revealed that the agreement with the banking partner is set to be finalized next week. “The deal’s being signed next week at the Blockchain conference in Panama. Look out for the signing of the deal next week,” he noted.

When writing, BTC trades at $84,825, up nearly 5% in the weekly time frame after a sharp decline toward 75,700 last week. As of now, the market’s leading cryptocurrency is 22% below its all-time high reached back in January of this year. 

Featured image from DALL-E, chart from TradingView.com

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Panama has unveiled a sweeping draft bill aimed at regulating cryptocurrencies and fostering the development of blockchain-based services, signaling a renewed effort to position the country as a fintech leader in Latin America.

The proposed law establishes a legal framework for using digital assets in financial transactions, establishes licensing requirements for service providers, and includes strict compliance measures in line with international financial standards.

Legal recognition of digital assets

Under the bill, digital assets are recognized as a legal means of payment, allowing individuals and businesses to freely agree on their use in both commercial and civil contracts.

The legislation explicitly authorizes the use of cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and stablecoins to purchase goods, pay for services, and settle debts, provided that both parties consent.

The draft also creates a regulatory framework for Virtual Asset Service Providers (VASPs), including wallets, exchanges, and custody platforms. Each would be required to register in a national database managed by the Financial Analysis Unit (UAF) and obtain proper authorization before offering services in Panama.

The bill stipulates mandatory compliance with Know-Your-Customer (KYC) and anti-money laundering (AML) guidelines in accordance with the recommendations of the Financial Action Task Force (FATF).

Additionally, the bill stipulates that any unregistered or non-compliant entities could face administrative sanctions or criminal penalties.

Blockchain for governance and digital identity

Beyond financial regulation, the bill encourages the use of blockchain in public administration. It outlines provisions for digital identity systems and the issuance of tokenized securities, aiming to reduce bureaucratic inefficiencies and promote transparency in both the public and private sectors.

The legislation also authorizes smart contracts, recognizing their legal enforceability under Panamanian law. Lawmakers see this as an opportunity to enable innovative financial products and automate business processes through programmable agreements.

If passed, the bill would mark a significant policy shift after a previous crypto law — passed by the legislature in 2022 — was partially vetoed by then-President Laurentino Cortizo, who raised concerns about regulatory gaps and constitutional inconsistencies.

The new draft addresses these concerns by clearly defining the roles of regulatory authorities, including the UAF and the Superintendency of Banks of Panama.

The draft bill is expected to proceed to committee discussions in the National Assembly in the coming weeks, where it may undergo amendments before being brought to a vote.

Mentioned in this article