As government considers the Virtual Assets Bill 2025, fintech professionals are urging that the cryptocurrency industry be properly regulated rather than restricted. They argue that while the absence of oversight has cast a negative light on the sector, an outright ban would be counterproductive, limiting innovation and economic opportunity in Trinidad and Tobago's growing digital finance space.
00:00Engineering and technology consultant Kavir Ramdas says the banning of cryptocurrency instead of regulating it would be like walking backwards, referring to the Virtual Assets Bill 2025, which he believes in its current form may stymie this process.
00:17He explains that the real issue is the lack of oversight, which has fueled skepticism about the industry. He tells the morning edition, with effective regulation, cryptocurrency can become a powerful driver of growth for businesses and the national economy.
00:35Using this law as a springboard to encourage the creation and generation of work and business and jobs in the virtual asset space can promote Trinidad and Tobago as a leader in the digital innovation space and can add to direct FDI and the term that everybody is calling these days, how to diversify the economy.
00:56This is one way of doing it. It's a longer lead, but it will bring jobs here, it will attract FDI, it will attract talent, it will prevent brain drain.
01:04All the software engineers, all the builders, coders will want to stay in Trinidad and make something great.
01:09Ramdas warns that the lack of legislation in cryptocurrency and fintech fuels uncertainty and drives activity underground, leaving consumers unprotected and the sector vulnerable.
01:22He says robust regulation will create transparency, safeguard users and build confidence.
01:30It's not that the current pressure to ban crypto is by the government or anything like that.
01:36The current administration plus stakeholders that we've been in Carlson's Asia with in Central Bank and the SEC, they're very, very progressive in terms of regulation and fintech.
01:47So like we appreciate that on bringing this bill to the forefront, but there needs to be regulation in this space and regulation will protect consumers and, you know, allow them certain rights and prevent these kind of gray market deals that often occur and often result in like negative aspects.
02:05Also speaking on the morning edition was Alexander Ghaffur, the president of Fintech TT, who cautions that the virtual assets bill 2025 remains unclear on issues of ownership.
02:18He emphasized the need for clarity and precision in the legislation to ensure that rights and responsibilities within the digital assets space are clearly defined and enforceable.
02:30Some of the biggest issues with it is that the scope of the act itself is that the scope of the act itself is very restrictive.
02:37It doesn't speak to self-custody and that is simply where you take care of your Bitcoin, your crypto assets, whatever it may be.
02:45You control it yourself instead of allowing an exchange to control your wallet and have custody over your funds.
02:52So this simple differentiation would make it a lot easier for the average citizen who's not a financial institution to trade back and forth with their friends and colleagues, etc.
03:04He says small businesses using cryptocurrency could also be at risk under the current provisions of the bill.
03:11It holds all crypto activity for virtual assets service providers in the country.
03:18So this relates to all of the startups that are trying to build something, anybody who is still testing, etc.
03:24So you might not even be in the market, but falling into this bill means you have to shut down.
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