Panama

Bitcoin Countries

Panama passed the Crypto Law in April 2022, recognizing Bitcoin and other cryptocurrencies as payment methods and establishing a regulatory framework for digital assets. While the law was later vetoed by the president over AML concerns, Panama remains an important hub for Bitcoin businesses in Latin America due to its dollarized economy, low taxes, and financial services infrastructure. The country has a high Bitcoin adoption rate relative to its size.

Details

Status: proposed_vetoed
Notable: Crypto Law passed April 2022 but presidential veto; dollarized economy, Bitcoin hub in Latin America
Legislation: Crypto Law (2022, vetoed)
Mining Legal: Yes
Notable Policy: Panama has a growing Bitcoin ecosystem; Bitcoin became accepted alongside USD; no capital gains tax on foreign-sourced income benefits crypto holders
Btc Etf Approved: No
Regulatory Stance: cautious_friendly
Bitcoin Legal Status: Legal; no specific crypto regulation; Superintendencia de Bancos oversees

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El Salvador

El Salvador made history on June 9, 2021, as the first country to adopt Bitcoin as legal tender under President Nayib Bukele. The government continues to buy approximately 1 BTC per day, with its national treasury holding approximately 7,565 BTC as of February 2026. El Salvador built the state-sponsored Chivo wallet, launched volcanic geothermal Bitcoin mining operations, and proposed Bitcoin City — a special economic zone powered by a volcano. In 2025, El Salvador reached an IMF agreement that modified Bitcoin's legal tender status while maintaining its Bitcoin treasury strategy.

Switzerland

Switzerland is one of the most Bitcoin-friendly countries in the world, with the canton of Zug (dubbed "Crypto Valley") accepting Bitcoin for government services since 2016. Several Swiss cantons accept Bitcoin for tax payments, the country has clear digital asset property rights, and Switzerland is home to dozens of major Bitcoin and blockchain companies. Swiss banks like SEBA and Sygnum Bank offer institutional Bitcoin services, and the Swiss National Bank has explored digital asset frameworks.

United Arab Emirates

The United Arab Emirates has positioned itself as a global hub for Bitcoin and crypto businesses, with dedicated regulatory regimes in Dubai (Virtual Assets Regulatory Authority — VARA) and Abu Dhabi (ADGM). Abu Dhabi holds Bitcoin through the Phoenix Group, a publicly listed Bitcoin mining company. Major crypto exchanges including Binance have received licenses to operate in the UAE. The country's zero income tax, strategic location, and regulatory clarity have attracted significant Bitcoin institutional and mining infrastructure.