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Under the latest New York Department of Financial Services guidance, custodians are required to "separately account for and segregate customer virtual currency from the corporate assets."
Panama's President Laurentino Cortizo, whose signature is needed for the bill to progress, said he would not sign it without getting certain confirmations first.
SEC Chair Gary Gensler says that waiving some rules will lead more firms to “come in and talk” at a time when lawmakers are blaming digital assets for failure to protect investors.
The Panamanian parliament approved the bill filed in September seeking to regulate digital assets in the country and commissioning blockchain technology use in parliament.
John William, president and CEO of the New York Federal Reserve Bank, said that despite the changing landscape of payments, the role of central banks in defining monetary policy remains the same.