General feasibility routeGeneral crypto licence pageNo passporting

Crypto Company Setup in Panama

Panama should be treated as a feasibility-first route. It should not be positioned as MiCA, CASP, VASP, DASP, DLT, VATP, MSB or DAB, and the page must not promise a dedicated crypto licence.

Processing time
From 3 months
Service price
13 500 EUR
Required share capital
10 000 USD
State fee
No state fee
Annual supervision fee
No annual fee
Banking difficulty
High
RegulatorSuperintendencia de Bancos de Panamá (SBP)
Market access
No passporting

No dedicated crypto licence claim should be published without current Panamanian legal confirmation.

Regulatory status should be confirmed by local counsel before relying on this route.

Regulatory status in Panama

Panama is a general feasibility route, not a confirmed dedicated crypto licence category.

Avoid H1 or CTA wording that suggests a guaranteed Panama crypto licence.

This jurisdiction does not operate a dedicated crypto-asset licence. Operating without proper legal authorisation carries significant risk.

No dedicated crypto licence claim should be published without current Panamanian legal confirmation.

Company setup does not solve banking, PSP access, custody, exchange, securities or cross-border licensing issues.

Country-specific regulatory statements should be checked against current regulator guidance before relying on this route.

Regulatory feasibility before Panama incorporation

Panama should be assessed before incorporation, not sold as a dedicated crypto licence. The decision should test activity boundaries, client geography, fiat flows, custody, AML obligations, banking and safer regulated alternatives.

Good fit only where the business needs a company/feasibility route and does not require a dedicated crypto licence.
Not assessed
Requires legal review where exchange, custody, token issuance, payments or advisory activity touches regulated markets.
Not assessed
Poor fit where bankability, institutional reputation, EU passporting or explicit licensing is commercially important.
Not assessed

Country-specific regulatory statements should be checked against current regulator guidance before relying on this route.

What you can and cannot do

Separate company setup from regulated exchange, custody, wallet, brokerage, token issuance and advisory activity. Unknown or regulated activity should be marked for legal review.

Exchange

Exchange activity may require additional scope or separate licensing.

Not permitted
Custody

Custody may require separate review or additional controls.

Not permitted
Brokerage

Brokerage or OTC activity typically fits within scope.

Requires review
Wallet provider

Exchange activity may require additional scope or separate licensing.

Requires review
EU market

EU passporting not available from this route.

Not permitted
Startups

Lower complexity makes this accessible for smaller teams.

Permitted

Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.

Is Panama right for your project?

Best for

  • Low-cost offshore crypto company setup

Not suitable for

  • Regulated exchange or custody licensing
  • Projects without a prepared banking strategy

Panama should be treated as a feasibility-first route. Validate activity scope and banking before incorporation.

Core requirements

Use this section to check the main regulatory and operational requirements before committing to a jurisdiction.

Required share capital10 000 USD
Required
Local staffNot required
Not required
Physical officeNot required
Not required
AuditNot required
Not required

Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.

Local substance plan — Panama

A credible local presence can be as important as the filing itself. Regulators, banks and payment providers may all review whether the company has real operating substance.

Local staff

Not required

Not required

Review local person requirements before setup.

Physical office

Not required

Not required

Physical office is not a stated requirement for this route.

Audit

Not required

Not required

Audit is not a stated requirement; internal controls still apply.

Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.

Cost breakdown

Budget for service price, regulatory fees, share capital and ongoing costs separately.

Service price (professional fees)Application preparation and professional services.
13 500 EUR EURFixed
State fee
No state feeFrom
Annual supervision feeRecurring annual cost after authorisation.
No annual feeNot applicable
Required share capitalMust be held, not an expenditure.
10 000 USDFrom
Medium ongoing cost

Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.

What can delay or increase cost

These factors are most likely to affect timelines and budgets for this route.

Banking difficulty
High

Banking difficulty is rated high. Opening accounts for crypto businesses in Panama requires extensive documentation.

Likely impactBanking can delay or block operations for 3–6 months after authorisation.
MitigationIdentify and pre-qualify banking partners before submitting the application.
Regulatory risk
High

Regulatory risk is rated high. Enforcement focus and compliance expectations are above average for Panama.

Likely impactAdditional review rounds, requests for evidence, or timeline extension.
MitigationPrepare an evidence-based compliance file. Engage local counsel early.
Application completeness
Medium

Incomplete files are the most common cause of delay. Regulator queries extend review by weeks or months.

Likely impactEach regulator query adds 2–6 weeks to the review phase.
MitigationUse a structured compliance pack. Review file completeness before submission.

Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.

Banking and PSP risk

Banking access and PSP availability should be treated as the main commercial risk.

Banking difficulty
High

Reflects how challenging it is to open and maintain business bank accounts in this jurisdiction.

Low PSP availability
High

Reflects availability of payment service providers willing to onboard crypto-licensed entities.

A licence or registration does not guarantee bank account or payment provider approval. Banking feasibility should be reviewed before the application strategy is finalized.

Preparation checklist

  • Business model and transaction flow description
  • AML/KYC and sanctions controls
  • Expected fiat currencies and payment corridors
  • Source of funds and source of wealth documentation
  • Custody, token and counterparty policies where relevant

Compliance documentation

Most crypto licensing routes require a documented compliance framework before submission, not only after approval.

  • Required
    AML/CFT policy and risk assessmentDocument your customer risk model and control framework.
  • Required
    Customer due diligence (CDD) procedures
  • Required
    Enhanced due diligence (EDD) proceduresFor high-risk clients and jurisdictions.
  • Required
    Transaction monitoring system and rules
  • Required
    Sanctions screening procedures
  • Required
    Suspicious activity reporting (SAR) process
  • Required
    MLRO / Compliance officer appointmentLocal accountability may be required.
  • Recommended
    Board-approved governance charter
  • Conditional
    Outsourcing policy and monitoringRequired if functions are outsourced.
  • Recommended
    ICT / cybersecurity policy
  • Required
    Complaints handling procedure

Country-specific regulatory statements should be checked against current regulator guidance before relying on this route.

Documents to prepare

Preparing these materials before filing reduces regulator questions and helps with banking or payment provider onboarding.

0 / 10 required
Required
Recommended
Depends on scope

Corporate documents

AML and compliance

Operational

Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.

Regulator profile

Regulatory authority · Panama

Superintendencia de Bancos de Panamá (SBP)

Official regulator website
Regulatory reputation
Medium

Moderate reputation; assess banking and partner acceptance case by case.

Setup complexity
Medium

Reflects documentation depth, governance requirements and expected review friction.

Regulatory risk
High

Reflects likelihood of delays, additional information requests or policy uncertainty.

Country-specific regulatory statements should be checked against current regulator guidance before relying on this route.

Risk assessment

Main risk dimensions for the Panama route.

Regulatory risk
High

Route risk rating — regulatory risk: Medium to high. Weak compliance, vague scope or insufficient controls increase review risk.

Mitigation: Prepare an evidence-based compliance file before submission.

Banking difficulty
High

Route risk rating — banking difficulty: High. Authorisation does not guarantee bank account opening.

Mitigation: Start banking outreach and compliance preparation before the application.

Setup complexity
Low

Route risk rating — setup complexity: Low.

Maintenance cost
Low

Route risk rating — maintenance cost: Low. Budget for ongoing compliance, fees and supervision separately.

Regulatory reputation
Medium

Route risk rating — regulatory reputation: Low to medium.

This content is for general orientation only. Crypto regulation changes quickly and the final scope should be confirmed through a jurisdiction-specific legal review before filing or incorporation.

Business model fit — Panama

Assess how well this route covers your planned activities.

Fit score

Good fit
0/6
Partial fit
3/6
Poor fit
3/6

Panama may not cover your primary activities

Consider an alternative route that better matches your activity profile.

Safer alternatives to Panama

Use MiCA/CASP for EU access, UK AML for UK-scope services, Canada MSB for money-services-style crypto models, Dubai VASP or Bermuda DAB for regulated non-EU routes.

  • Canada (MSB) MSB
    Jurisdiction: Canada (MSB)Licence type: msb

    Recognised registration, significantly better banking

  • Dubai (VASP) VASP
    Jurisdiction: Dubai (VASP)Licence type: vasp

    Full regulated licence, strong PSP access

  • Malta (MiCA) MICA
    Jurisdiction: Malta (MiCA)Licence type: mica

    EU/EEA passporting with strong regulatory standing

Country-specific regulatory statements should be checked against current regulator guidance before relying on this route.

Safer alternatives to Panama

Use MiCA/CASP for EU access, UK AML for UK-scope services, Canada MSB for money-services-style crypto models, Dubai VASP or Bermuda DAB for regulated non-EU routes.

Current

Panama

GENERAL

Price
13 500 EUR
Timeline
From 3 months
Passporting
No passporting
Banking
High
Reputation
Low to medium

Canada (MSB)

MSB

Price
20 600 EUR
Timeline
From 2 months
Passporting
No passporting
Banking
Medium
Reputation
High

+ Recognised registration, significantly better banking

− Higher cost than Panama setup

View route

Dubai (VASP)

VASP

Price
22 300 EUR
Timeline
From 6 months
Passporting
No passporting
Banking
Medium
Reputation
High

+ Full regulated licence, strong PSP access

− Significantly higher cost and substance requirements

View route

Malta (MiCA)

MICA

Price
20 700 EUR
Timeline
From 6 months
Passporting
EU/EEA
Banking
Medium
Reputation
High

+ EU/EEA passporting with strong regulatory standing

− Requires EU nexus and ongoing substance

View route

Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.

Check your readiness for Panama feasibility review

Documented AML/CFT policies, risk assessment, compliance officer.

Share capital

10 000 USD minimum capital required.

AML/CFT framework

Documented AML/CFT policies, risk assessment, compliance officer.

Governance structure

Board, management, accountability chain defined.

Banking preparation

Banking strategy and identified partners.

Readiness status

Answer the criteria on the left to see your readiness status.

Frequently asked questions

No. Panama is classified as a general crypto route, so feasibility and limitations should be reviewed before company setup.

Do not assume that. Exchange, custody and other regulated activities require separate legal review before incorporation or marketing.

Yes. Banking access and PSP availability should be checked before setup.

Run a regulatory feasibility review, check activity boundaries, test banking assumptions and compare safer licensed routes.

The page is not legal advice and should not be relied on as a substitute for advice from qualified counsel in the relevant jurisdiction.

Your dedicated specialists

  • Enrico Kärvinen

    Enrico

  • Rein Tammik

    Rein

  • Jurata Žukaitė

    Jurata

  • Andrej Kazlauskas

    Andrej

  • Marta Värna

    Marta

  • Katrin Lepik

    Katrin

  • Inga Stankavičiūtė

    Inga

Request a Panama feasibility assessment

Share your planned activities, target markets and timeline. We will review which crypto licensing route is likely to fit.

Leave open if you want a country comparison.
Select every activity you plan to offer. The licence route may change if you include custody, exchange, trading platform or fiat flows.
Include service fees, regulator fees, share capital, local office or staff, audit and ongoing compliance.

By submitting this form, you agree to be contacted about your crypto licensing request. Do not include passwords, private keys or confidential customer data.