Jamaica's House of Representatives Reviews Virtual Assets Service Providers Regulatory Bill

The House of Representatives of Jamaica began reviewing the "Virtual Assets Service Providers Act" on September 22, aimed at establishing a licensing and regulatory framework for cryptocurrency exchanges and other virtual asset service providers, requiring them to adhere to international standards such as anti-money laundering. The bill stipulates that businesses providing virtual asset services to Jamaican consumers, regardless of their headquarters location, must obtain a license from the Financial Services Commission (FSC), and operating without a license will constitute a criminal offense. Licensed entities are required to fulfill obligations such as customer identity verification, transaction monitoring, and reporting suspicious activities. Jamaica's Minister of Finance, Fayval Williams, stated that FSC licensing only regulates business operations and does not constitute official recognition or guarantee of the traded digital assets, with the Jamaican dollar remaining the sole legal tender. The FSC will be authorized to license, supervise, and shut down non-compliant virtual asset businesses.

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