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Jamaica’s parliament is discussing the Virtual Assets Service Providers Act, a bill to establish a formal licensing and oversight framework for virtual asset businesses including crypto exchanges, Bitcoin.com reported. The Jamaican government had previously been pursuing a regulatory framework for virtual assets and VASPs as a key financial regulatory reform task, according to the report.
If passed, the bill would require any business providing virtual asset services to Jamaican users to obtain a license from the Financial Services Commission, regardless of where the company is based. The measure would also impose obligations including know-your-customer checks, transaction monitoring, suspicious transaction reporting, and compliance with the Travel Rule, which requires sharing sender and recipient information.