The emergence of virtual assets, globally and regionally, has generated growing public interest and diverse legislative responses. Based on the available information, virtual assets do not currently pose a material risk to financial stability however, their existence raises several policy issues and regulators have recognised the need for vigilant monitoring in light of the speed of market developments.
The Eastern Caribbean Central Bank has prepared a draft Virtual Asset Business Bill to provide for the regulation of virtual asset business in the Eastern Caribbean Currency Union (ECCU). The Bill proposes to introduce a registration regime that will be overseen by the national regulators in the eight member countries of the ECCU.
As part of the consultative process, we publish a copy of the draft Virtual Asset Business Bill for comments and feedback. Comments on the draft Bill should be submitted to the Legal Services Department, Eastern Caribbean Central Bank via email at firstname.lastname@example.org on or before 29th May 2020.