Forex
Forex brokerage license
For brokers, FX and CFD platforms and introducing brokers serving clients outside Panama.
From
$20,000
one-time setup, then $2,500 a month for the company and license upkeep
Licensing through KUNAISA
Forex, crypto and iGaming licenses in Panama
We prepare and file license applications with KUNAISA, the international services authority set up by the Kuna de Wargandí people of Darién, for Forex brokers, crypto businesses and online gaming operators. Before you pay anything, read what these licenses are and what they aren’t. That section is further down, and we’d rather you hear it from us than from your bank.
Three licenses
Pick the license that fits your business
One Panamanian company can hold more than one of these licenses, so groups that combine trading, crypto payments and gaming often apply for two, or all three, at once.
Costs, scope and FAQ
VASP / crypto
Crypto (VASP) license
For exchanges, wallet and custody providers, OTC desks, token issuers and crypto payment processors.
From
$20,000
one-time setup, then $2,500 a month for the company and license upkeep
iGaming
Online gaming license
For online casinos, sportsbooks, poker rooms, lotteries, fantasy contests and B2B gaming suppliers.
From
$30,000
one-time setup, then $4,000 a month for the company and license upkeep
What a KUNAISA license is, and what it isn’t
KUNAISA is not a national regulator. It describes itself as created by order and resolution of the Kuna de Wargandí, whose comarca was established by Law 34 of 2000. That law deals with land, natural resources and local self-government. It says nothing about licensing financial services or gaming, and it requires the comarca’s decisions to respect the Constitution and national law.
Panama’s national regulators are separate bodies. Forex carried out in or from Panama is reserved by law to securities houses licensed by the Superintendencia del Mercado de Valores (SMV). Online casinos and betting fall to the Junta de Control de Juegos (JCJ), and Law 527 of 2026 lets it order the blocking of operators without a JCJ license. Crypto businesses have no national licensing regime yet; several bills are pending.
In practice, companies use a KUNAISA license to serve clients outside Panama when they want a documented compliance framework, a license number to show partners, and a Panamanian company behind it all. It doesn’t let you offer Forex or gaming to people in Panama. Whether it’s accepted anywhere else depends on that country’s law and on each bank, payment processor and supplier you work with, so we check your target markets before you apply.
If your plan calls for a national license instead, we advise on the SMV securities-house route and on JCJ applications. They take longer and cost more, and we’ll tell you plainly which one you need.
Our role
What we do, and what KUNAISA decides
Eligibility review
We start with your business model, your shareholders and the markets you want to reach, then tell you which license fits, or that none does.
Building the file
Incorporation documents, a business plan, AML and KYC policies, financial statements with proof of capital, and IDs and CVs for owners, directors and key staff. We draft what we can and review the rest before anything is filed.
Filing and follow-up
We submit the application and handle every question KUNAISA sends back until it decides. The decision is KUNAISA’s alone, and nobody can honestly promise approval.
After approval
Registered office, certificates of good standing and incumbency, the yearly renewal and day-to-day compliance questions stay with us for as long as you keep the monthly plan.
Optional services
Beyond the license
Most clients need more than a license before they can open for business. These services are quoted separately once we understand your model.
Company and compliance
- Panamanian company formation
- Registered office and resident agent
- Utility bill for bank account verification
- Certificates of good standing and incumbency
- AML, KYC and compliance manuals
Banking and payments
- Corporate bank account introductions
- Payment gateway integration
- Card acquiring
- Crypto payment processing and settlement
- Local and alternative payment methods
Platforms and technology
- Trading platform and WebTrader options
- CRM setup
- Liquidity provider connections
- Gaming software suppliers
- Reporting and back-office tools
Before you apply
Common questions about KUNAISA licenses
- Is a KUNAISA license a Panamanian government license?
- No. KUNAISA is the international services authority of the Kuna de Wargandí comarca. It isn’t one of Panama’s national regulators, which are the SMV for securities and Forex and the JCJ for gaming.
- Can one company hold more than one license?
- Yes. If the business model supports it, one Panamanian company can apply for Forex and VASP, iGaming and VASP, or all three.
- What do the monthly fees cover?
- The registered office, a utility bill for bank verification, certificates of good standing and incumbency, and a twelfth of the yearly license renewal, so there’s no separate renewal bill at the end of the year.
- Can I serve clients in Panama?
- Not for Forex or online gaming: those need an SMV or a JCJ license. Crypto sits in a gap, since Panama has no crypto licensing law yet, so talk to us before you take on clients in Panama.
- Do you help with banks and payment providers?
- Yes, as separate services. Banks and processors don’t all treat a KUNAISA license the same way, and we’ll tell you what to expect before you apply.
- How long does it take?
- KUNAISA quotes 60 to 90 days for a Forex application. The biggest factor is how complete the file is when it goes in, and we give you an estimate after the assessment.
Next step
Let’s discuss your plans in Panama.
Vera, our AI assistant, takes the first call. She notes what your matter is about, then a professional at the firm follows up.