Jamaica’s House of Representatives began reviewing the Virtual Assets Service Providers Act on Sept. 22, a bill that would create a licensing and regulatory framework for cryptocurrency exchanges and other virtual asset service providers operating in the country’s market. The proposal would also align those businesses with international standards, including anti-money laundering requirements.
Under the bill, any company offering virtual asset services to Jamaican consumers would need a license from the Financial Services Commission, or FSC, regardless of where the company is headquartered. Operating without a license would be treated as a criminal offense. Licensed firms would also be required to carry out customer identity checks, monitor transactions, and file suspicious activity reports.
Jamaica’s Finance Minister Fayval Williams said an FSC license would regulate a company’s operations only and should not be seen as official approval or a guarantee of the digital assets being traded. She also said the Jamaican dollar remains the country’s only legal tender. The FSC would be empowered to license, supervise, and shut down non-compliant virtual asset businesses, according to Bitcoin.com News.
Jamaica’s House of Representatives began reviewing the Virtual Assets Service Providers Act on Sept. 22. The bill would set up a licensing and regulatory framework for cryptocurrency exchanges and other virtual asset service providers, while bringing them under international standards such as anti-money laundering rules.
Under the proposal, any business providing virtual asset services to Jamaican consumers would need a license from the Financial Services Commission (FSC), no matter where the company is headquartered. Operating without a license would constitute a criminal offense.
Licensed firms would also be required to conduct customer identity verification, monitor transactions, and report suspicious activity.
Finance Minister Fayval Williams said an FSC license would cover the operation of a business only and would not amount to official recognition or a guarantee of the digital assets traded on those platforms. She added that the Jamaican dollar remains the country’s only legal tender. The FSC would be authorized to license, supervise, and shut down virtual asset businesses that violate the rules.
The report was cited from Bitcoin.com News.
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