According to an interpretation released by Dawgen Global based on the consultation document from the Jamaica Financial Services Commission (FSC), Jamaica plans to establish a formal licensing system for Virtual Asset Service Providers (VASPs), with a public consultation period from June 11 to July 10, 2026. The proposed framework will establish six categories of VASP licenses, covering trading platforms, investment advisory, custody, broker-dealer services, wallet services, and virtual asset exchange services; applicants must meet a minimum paid-up capital of 16 million Jamaican dollars (approximately USD 100k), have a local entity, and comply with anti-money laundering requirements. Trading platforms and custodians must also submit independent audit proof of reserves at least quarterly. The relevant rules are still in the consultation phase and will take effect only after the proposed VASP Act is passed.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 3
  • 1
  • Share
Comment
Add a comment
Add a comment
MirrorBallGazingAtTheSky
· 5h ago
The consultation period ends in July next year, and the bill hasn’t passed yet. It’s still in the early discussion phase, and the implementation details will likely take a while to iron out.
View OriginalReply0
AprDaydream
· 21h ago
The six types of licenses are very detailed, custody and trading platforms also need quarterly reserve certificates, and crypto regulation in the Caribbean is also accelerating.
View OriginalReply0
QuietAirdropper
· 21h ago
Jamaica has finally gotten serious. A $100k threshold is quite stressful for small exchanges, but the requirement of quarterly audits with proof of reserves can indeed filter out a number of scam projects.
View OriginalReply0
  • Pinned