Jamaican House of Representatives deliberates on Virtual Assets Service Providers Act

The Jamaican House of Representatives began reviewing the Virtual Assets Service Providers Act on September 22, which aims to establish a licensing and regulatory framework for cryptocurrency exchanges and related service providers. Enterprises providing services to Jamaican consumers must obtain a Financial Services Commission (FSC) license, and operating without a license constitutes a criminal offense. Licensed institutions must fulfill their obligations of customer identity verification and transaction monitoring. Jamaican Finance Minister Fayval Williams stated that FSC licenses only regulate business operations and do not constitute official recognition or guarantee of digital assets. The Jamaican dollar remains the only legal currency in the country, and FSC will be authorized to license, supervise, and shut down illegal businesses. (Source: Bitcoin.com News)