The government of St Vincent and the Grenadines passed a Virtual Assets Bill on May 10, 2022. This will create an application process for the registration of virtual asset businesses.
The bill was introduced by Finance Minister Camilo Gonsalves and passed unanimously.
To ensure that criminals and their associates do not gain control of such entities, St Vincent authorities noted that the Bill requires relevant information to be provided during the application stage so that due diligence can be conducted on the directors and shareholders.
According to the Minister of Finance, “the global community has been inundated with the effects of financial innovation, which has forced some countries to change their financial landscape.
As well as making it easier to do business in a cashless society, authorities believe the bill will create a regulatory framework for engaging in the rapidly evolving virtual asset industry.
