00:00With Trinidad and Tobago preparing to present its report to the Caribbean Financial Action Task Force next year,
00:07government is proposing to ban the purchase, sale, exchange or transfer of cryptocurrencies until December 2027.
00:17While there is much concern about the fallout of the proposed move, one fintech expert notes it's a matter of necessity.
00:25FATAP allows you to even have a method by which you treat with virtual assets or you either ban the virtual assets.
00:35So those are the choices you basically have.
00:38So in putting this ban on businesses, it gives the government the ability, the authorities to establish this office by which they can license and register these applicants.
00:53And then thereafter, you have to now supervise these applicants.
01:00So it's not just a matter of registering and licensing.
01:04That whole supervision of this space needs to take place.
01:08Most recently, one local crypto investor made headlines after customers invested hundreds of millions with the company but received no returns.
01:17Besesa is hopeful that the government's virtual assets and virtual assets service providers bill will protect consumers.
01:26In certain transmission of funds over a certain limit, you may be required to record sender and recipient information.
01:38So it's not just a matter of licensing and registering these entities.
01:44There's that whole supervisory aspect and compliance aspect that they now have to fulfill with the regulatory authority that takes charge over them.
01:55The legislation has been tabled but not yet debated.
01:59Renessa Cutting, TV6 News.
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