KINGSTON, Jamaica  —  Finance Minister Fayval Williams opened the debate on the Virtual Assets Service Providers Bill 2026 in the House of Representatives on Tuesday.

In piloting the bill, the minister said while not perfect, “it will put a ring-fence around the activities where in fact there isn’t any law that [currently] governs it”.

Williams explained that a virtual asset service provider is any business that handles crypto currency or other digital assets for or on behalf of other people for commercial purposes.

As to why the legislation was being introduced at this time, the finance minister said, “Jamaicans are already buying them, already holding them, already sending them across borders through platforms based overseas with no licences, no protection, no recourse and no one in this country able to help them when something goes wrong”.

According to the bill, anyone who wants to operate a virtual assets business serving Jamaicans must hold a licence from the Financial Services Commission. The licence comes with conditions and can be refused.

Williams noted that the location of the business does not matter; as long as the business serves a person in Jamaica they are affected by this legislation. She warned that operating without a licence is a criminal offence.

Licensed operators come under the same anti-money laundering laws that govern banks – the Proceeds of Crime Act, the Terrorism Prevention Act, and the United Nations Security Council Resolution Implementation Act. Like banks, businesses in the virtual assets space must know their customers and are obliged to report suspicious transactions.

The finance minister emphasised that the bill does not make any virtual asset legal tender in Jamaica.

“The Jamaican dollar remains the only legal tender in this country,” she said.