Jamaica Passes Bill Requiring Virtual Asset Service Providers to Obtain License
The Jamaican House of Representatives has passed a bill requiring virtual asset service providers to obtain a license, effective September 29. According to the Jamaica Information Service (JIS), this legislation will establish a framework for licensing and regulating virtual asset businesses in Jamaica.
Financial Services Minister explained that the bill aims to align with international anti-money laundering standards by requiring licensed virtual asset service providers to implement strict controls, including customer verification, transaction monitoring, and reporting suspicious activity. The minister also stated that foreign companies offering services to Jamaican residents will be subject to these regulations, regardless of their location.
While the bill does not recognize virtual assets as a form of legal currency, it does require licensed businesses to adhere to anti-money laundering standards similar to those applied to banks. The minister clarified that obtaining a license is necessary for businesses to operate legally in Jamaica, but it does not imply government endorsement or approval of any specific virtual asset.