Setting Up a Crypto Exchange in Panama: License, Structure and Banking
Running an exchange from Panama is entirely viable in 2026, provided you understand that there is no named exchange license and that your real gating factor is banking and compliance, not a regulator badge. CRYPTO LICENSE GUIDE · 2026 Panama crypto exchange license Crypto licensing across 15+ jurisdictions CONSULTING24.CO There Is No Named Exchange License Because Panama has no dedicated VASP regime, you do not apply for an 'exchange license' as such. You incorporate a Sociedad Anónima, run the exchange under existing financial-services and AML law, and operate a compliance program supervised in spirit by UAF Panama. Our exchange license page walks through how this works in practice for order-book, brokerage and OTC models. The 4 stages of getting licensed 1 Choose jurisdiction match your customers 2 Incorporate set up the entity 3 AML / KYC program the banking key 4 Open banking fiat on/off-ramps Structuring the Operating Entity Most exchange operators use a Panama...