ST. KITTS AND NEVIS STRENGTHENS VIRTUAL ASSETS LAW

Basseterre, St. Kitts, March 19, 2021 (SKNIS): The passage of the Virtual Assets (Amendment) Bill, 2021, in St. Kitts and Nevis National Assembly on March 18, 2021, has further strengthened the security of the financial system in the twin-island Federation.

A virtual asset is described as a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes.

The Bill, moved through the parliament by the Attorney General and Minister of Justice and Legal Affairs, the Honourable Vincent Byron Jr., ensures that the country is in line with the guidelines and the standards set by the Financial Action Task Force (FATF).

“It ensures that our jurisdictions protect against the laundering of money, the financing of terrorism, and also the question of the proliferation of weapons of mass destruction,” Minister Byron Jr. stated.

The timing of the Amendment Bill coincides with the recent launch of the Eastern Caribbean Central Bank (ECCB) digital currency pilot programme, commonly referred to as DCash. According to ECCB’s website: “The DCash pilot involves the minting of a digital version of the Eastern Caribbean dollar (DCash) as legal tender.”

“As we do these new and innovative technological ways in which to transact business, financial services, it also means that we expose ourselves to certain types of risks and these risks are what this Bill is supposed to help us to protect against,” the attorney general said.

Minister of Information and Communication Technology, the Honourable Akilah Byron-Nisbett, supported the Bill. She indicated that virtual assets are seen as a fast way of transferring value anywhere around the world, and it was important to safeguard financial structures to maintain investor confidence.

The Virtual Assets (Amendment) Bill, 2021, was passed without objection.