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Antigua and Barbuda: CFATF announces bill for regulating virtual asset service providers
The Caribbean Financial Act Task Force ('CFATF') announced, on 8 June 2020, that Antigua and Barbuda's House of Representatives had passed, on 27 May 2020, the Digital Assets Business Bill 2020 ('the Bill') as part of a regulatory framework to regulate virtual asset service providers ('VASPs'). In particular, the CFATF outlined that the Bill makes it mandatory for digital asset businesses to be registered with the Financial Services Regulatory Commission. Moreover, the CFATF noted that licensed VASPs must also comply with anti-money laundering and counter financing of terrorism ('AML/CFT') laws. In addition, the Bill mandates senior representatives to report cyber security incidents. Finally, the Bill outlines fines of up to $250,000 to be imposed for non-compliance and a possibility of criminal charges leading to imprisonment.
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