Jamaica Debates Law to Regulate Crypto Firms
Jamaican lawmakers are moving to establish a regulatory framework for digital currency businesses in the country. The Virtual Assets Service Providers Act, currently being debated by the House of Representatives, aims to bring crypto firms under international banking standards and protect residents using overseas apps.
The proposed law defines virtual asset service providers (VASPs) as any commercial business that exchanges cryptocurrency for fiat money, transfers digital assets between wallets, or holds private keys on behalf of clients. To operate in Jamaica, VASPs must obtain a license from the Financial Services Commission (FSC), which would fall under existing anti-money laundering regulations.
Finance Minister Fayval Williams emphasized that the legislation is necessary to protect residents who are currently trading through overseas platforms without regulatory protection. 'We are not legislating because virtual assets are good or bad,' she said, 'we are legislating because they are here and our people are exposed.'