Jamaica Mulls Crypto Regulation Amid Growing Local Participation
Jamaican lawmakers are debating a new law to regulate cryptocurrency firms, aiming to create a formal licensing and regulatory framework for digital currency exchanges and virtual asset businesses.
The Virtual Assets Service Providers Act seeks to align Jamaica with international anti-money laundering standards by placing crypto businesses under regulatory oversight similar to traditional banking institutions.
According to Finance Minister Fayval Williams, the legislation defines a virtual asset service provider (VASP) as any commercial business that exchanges cryptocurrency for fiat money or transfers digital assets between wallets.
The proposed law would require VASPs to verify customer identities, monitor transactions, and report suspicious activity, in line with international regulations such as the 'travel rule'.