The bill put forward by the Varela administration proposes regulating the operation of crowdfunding platforms, and creates the concept of Family Offices of Patrimonial Administration.

From a statement issued by the Ministry of Finance:

The Cabinet Council approved on Tuesday the Bill for the Modernization of the International Financial System of Panama, which seeks to introduce new solutions and services to strengthen supply and increase the competitiveness of Panama as a financial services platform.

The initiative, consulted and developed with the main unions and associations of the sector, proposes adopting new financial products and modifications in some processes as well as renewing and improving instruments and institutions to make them more competitive and efficient.

Read full release (in Spanish).