Jamaica House of Representatives Reviews Virtual Asset Service Provider Regulation Bill

Odaily News: The Jamaican House of Representatives began reviewing the Virtual Assets Service Providers Act on September 22, aiming to establish a licensing and regulatory framework for cryptocurrency exchanges and other virtual asset service providers, and to bring them in line with international standards such as anti-money laundering requirements.

The bill stipulates that entities providing virtual asset services to Jamaican consumers, regardless of where they are headquartered, must obtain a license from the Financial Services Commission (FSC); operating without a license will constitute a criminal offense. Licensed institutions must also fulfill obligations including customer identity verification, transaction monitoring, and suspicious activity reporting.

Jamaican Finance Minister Fayval Williams stated that an FSC license only regulates the operations of enterprises and does not constitute official recognition or endorsement of the digital assets being traded. The Jamaican dollar remains the country's sole legal tender, and the FSC will be authorized to license, supervise, and shut down non-compliant virtual asset businesses. (Bitcoin.com News)