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.
04:25Ravashita Wari Rupnarang, TV6 News.
Comments