Antigua and Barbuda Passes Digital Asset Regulation Bill In Lower Parliament

Antigua and Barbuda’s House of Representatives has recently passed a digital asset regulation bill. With the aforementioned move, they have taken steps towards becoming crypto-friendly regions in the Caribbean.

The regulatory framework, dubbed “The Digital Assets Business Bill 2020”, intends to regulate virtual asset focused businesses that establish their processes on the island and provide support for both exchanges and their customers.

Among the critical contributions of the bill is the rule that all cryptocurrency establishments in Antigua and Barbuda must attain a license for dispensing, vending, or redeeming digital currencies, functioning as a payment service or electronic exchange, proffering custodial crypto wallet services.

Apropos the framework, the Economic Envoy for Technology for Antigua and Barbuda, Calvin Ayre released a statement through his website. He mentioned,

“With this Act, Antigua is now at the front of the list of countries set to benefit from the application and tokenization explosion that is happening in front of our eyes on BSV.”

The last hindrance to the bill being approved will be the Antiguan Senate, which some consider a sheer protocol.