Panama’s securities market recorded solid growth in 2025, while financial authorities confirmed plans to move forward with the regulation of crypto assets, particularly those used as investment products. The update was provided by Maruquel Murgas, Superintendent of the Securities Market.
Strong Performance in 2025
Between January and October 2025, Panama’s securities market registered new issuances totaling $1.605 billion. An additional 30 issuances, valued at $4.67 billion, remain under review.
During the same period, securities firms carried out transactions worth $146.66 billion, representing a 23% increase compared to the previous year. Bonds accounted for 59% of the total volume traded, making them the most active instrument in the market.
Most issuances, about 88%, were placed in international markets, while 10% were issued locally and 2% through over-the-counter transactions.
Securities Market as a Financing Tool
According to Murgas, the securities market continues to serve as an alternative source of financing alongside traditional bank credit. It allows issuers to access longer-term funding for large projects and offers investors more options to diversify their portfolios and seek competitive returns.
Reform of the Securities Market Law
Murgas clarified that the reform of the Securities Market Law is separate from any legislation related to crypto assets. The Securities Superintendency does not introduce bills directly but acts as a technical advisor.
A public consultation has already taken place, and the feedback is currently being reviewed. The proposal will be presented through the Ministry of Economy and Finance, with the goal of having a draft ready in the first quarter of the year. The reform aims to align Panama’s framework with international standards and strengthen investor protection.
Crypto Assets and Regulatory Gaps
At present, crypto assets are not prohibited in Panama, but they are also not regulated or supervised. This situation creates potential risks, including fraudulent practices.
Murgas stated that some form of regulation is necessary, especially for crypto assets that function as investment products or represent rights over financial instruments. Other activities related to crypto, such as payments, exchange services, or custody, may fall under different regulators and will require coordinated oversight.
International Compliance Pressure
Panama will face its fifth evaluation by the Financial Action Task Force in 2027. This review requires countries to license and supervise providers of virtual asset services, increasing the urgency for a clear regulatory framework.
Market Stability and Investor Confidence
From January to October 2025, issuers paid investors $2.966 billion. This included $1.968 billion in capital repayments, $517 million in dividends, and $481 million in interest payments, reflecting the market’s ability to meet its financial obligations.
As of October 2025, the Securities Superintendency oversaw 515 regulated entities and supervised approximately 1,850 individuals, highlighting the size and complexity of Panama’s capital market.
