The Virtual Assets and Virtual Assets Service Providers Bill sparked heated exchanges in the Lower House today as government rushed to pass legislation to meet an international compliance deadline.
Proceedings descended into uproar after the Finance Minister referenced extensive amendments that had not yet been formally laid before Parliament.
00:00The virtual assets and virtual assets service providers bill was debated in the lower house as government attempts to meet a February 2026 deadline for the fifth round of mutual evaluation by the Caribbean Financial Action Task Force.
00:15The legislation seeks to regulate the fast growing digital currency market and bring Trinidad and Tobago in line with international standards.
00:25The Financial Action Task Force defines virtual assets as, and I quote, any digital representation of value that can be digitally traded, transferred or used for payment.
00:38However, the proceedings got heated after the finance minister piloting the bill referred to sweeping amendments that had not yet been circulated to members.
00:47In order to, for economy of time, I think what I propose to do subject to, I understand that the amendments are close to be circulated and should be circulated within a minute or so, so that we use our time economically.
01:05Can I suspend for 10 minutes, we come back and the entirety of the bill will be before the house.
01:11When the sitting resumed, it was revealed that the proposed amendments ran to dozens of pages.
01:16Mr. Speaker, the amendments are 48 pages long, over 100 changes.
01:27Don't try that, don't try that.
01:30All right, Minister of Finance.
01:31The finance minister accused the opposition of refusing to support strengthening measures.
01:36They had no interest in protecting members of the public from abuse.
01:41They had no interest in regulating this cryptocurrency market.
01:45They had no interest and still have no interest in stopping the illegal activity and terrorist financing.
01:51They still, they had no interest then and they have no interest now.
01:55But former finance minister, Colm Imbit, interjected when the minister attempted to explain specific clauses not yet before the committee.
02:03All of those clauses the member is calling out do not exist in the bill.
02:09The amendments have not yet been dealt with in committee stage.
02:12The minister cannot refer the clause, 5 on clause 10.
02:15That doesn't exist.
02:16Tancu challenged that position, arguing that similar procedures had been followed in the past.
02:22But Imbit sharply criticised the process, describing the amendments as excessive and disruptive.
02:28The list of amendments that we were given, I would say four minutes before the resumption, four minutes,
02:39take up a total of 48 pages and contain within them more than 200, 200 substantive modifications.
02:57He further argued that the scale of changes undermined the purpose of the bill.
03:03It destroys this bill and consigns it to the dustbin.
03:06It makes this debate today, Mr. Speaker, a papi show.
03:20They have changed fundamentally the structure, the intent, the purport, the effect of the legislation.
03:30Imbit described the situation as shameful and disrespectful to the parliament.
03:35I will complain that we've received 48 pages of amendments at the last minute.
03:40We'll limit your complaint to that.
03:41I will complain.
03:43I will complain.
03:45This is a contempt of the parliament.
03:49It's absurd.
03:50Despite the political clash, warnings were also issued about the dangers associated with cryptocurrency.
03:57There are many dangers with cryptocurrency.
04:00High volatility, lack of regulation, vulnerability to security threats and scams.
04:14As government pushes to modernize financial legislation to meet global standards,
04:19opposition members continue to raise concerns over the process, transparency and parliamentary procedure.
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