Jamaica discusses crypto licensing bill with KYC and travel rule requirements

Jamaica’s parliament is discussing the Virtual Assets Service Providers Act, a bill that would establish a formal licensing and supervisory framework for virtual asset businesses such as crypto exchanges, Bitcoin.com reported. The Jamaican government had previously pushed the creation of a regulatory framework for virtual assets and VASPs as a key financial regulatory reform task. If passed, the bill would require any business providing virtual asset services to users in Jamaica to obtain a license from the Financial Services Commission, regardless of where the business is based. The measure would also impose obligations including know-your-customer checks, transaction monitoring, suspicious transaction reporting, and compliance with the travel rule, which requires the sharing of sender and recipient information.