ME News reports that on September 22 (UTC+8), Jamaica’s House of Representatives began reviewing the Virtual Assets Service Providers Act, which aims to establish a licensing and regulatory framework for cryptocurrency exchanges and other virtual asset service providers, aligning them with international standards such as anti-money laundering requirements. The bill stipulates that any business providing virtual asset services to Jamaican consumers, regardless of its headquarters location, must obtain a license from the Financial Services Commission (FSC); operating without a license constitutes a criminal offense. Licensed entities must also fulfill obligations including customer due diligence, transaction monitoring, and reporting of suspicious activities. Jamaica’s Minister of Finance, Fayval Williams, stated that FSC licensing regulates business operations only and does not constitute official endorsement or guarantee of the digital assets 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. (Source: ODAILY)
Jamaica's House of Representatives Reviews the Virtual Assets Service Providers Act
KuCoinFlashShare
Summary
On September 22, 2026, Jamaica’s House of Representatives began reviewing the Virtual Assets Service Providers Act to establish a licensing framework for cryptocurrency exchanges and virtual asset service providers. The bill requires all firms serving Jamaican consumers to obtain a license from the Financial Services Commission (FSC), with unlicensed operations classified as criminal. Licensed entities must perform customer verification, monitor transactions, and report suspicious activities, in compliance with AML/CFT requirements. Finance Minister Fayval Williams clarified that FSC licensing regulates business operations but does not constitute endorsement of the digital assets themselves. The Jamaican dollar remains legal tender, and the FSC will oversee and shut down non-compliant businesses. This initiative positions Jamaica to better manage risk-related assets within its financial system.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.