With the Antigua crypto regulation bill passing through the lower parliament, the Caribbean nation, Antigua, and Barbuda have now hopped on to the bandwagon of becoming a crypto-friendly country.
On 27th May, the House of Representatives of Antigua and Barbuda has recently passed a cryptocurrency regulation bill. The bill is a step taken to make the Caribbean nation a digital asset-friendly destination.
The Antigua crypto regulation bill is dubbed the “The Digital Assets Business Bill 2020”. The regulatory framework attempts to regulate the cryptocurrency companies that are to launch their operations on the island nation and to ensure the protection for their customers and exchanges. This is all in the wake of new opportunities and measures being taken in China, France, and the United States for the fintech industry.
The salient features of the bill include a critical point that states that the digital assets business in the Caribbean nation of Antigua and Barbuda is ought to obtain a license for selling, issuing redeeming virtual coins, operating as a payment service or electronic exchange and providing the custodial wallet services.
Lack of compliance with the legislation could lead to fines up to $250,000. Moreover, managers might also be charged with criminal offenses, including jail time.
Antigua Crypto regulation bill with industry players
The Antigua crypto regulation bill is said to empower the Financial Services Regulatory Commission (FSRC) of the country, in order to ensure the enforcement of the legal framework by the crypto companies.
Bayesian Fund, nChain, Ayre Group, and the Bitcoin Association are some of the members of the crypto industry who advised the government whilst the composition of the bill.
The Economic Envoy for Technology for Antigua and Barbuda, Calvin Ayre has been actively playing its part in favor of the adoption of cryptocurrency and the establishment of a regulatory structure.
The last hurdle before the final approval of the bill would be the Antiguan Senate; the bill needs to be passed by the Senate, though some consider this to be a mere formality.