With the Financial Action Task Force Mutual Evaluations around the corner, government has no choice but to ban crypto. So says one Fintech expert, who is hopeful that the new government uses the opportunity to get all the necessary frameworks in place, so that the country could benefit from a properly-regulated virtual assets industry. Rynessa Cutting has more.
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.
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