[Jamaica House of Representatives Reviews Virtual Asset Service Providers Regulation Bill] Odaily Planet Daily News - On September 22, the Jamaica House of Representatives began reviewing the 'Virtual Assets Service Providers Act,' a bill aimed at establishing a licensing and regulatory framework for cryptocurrency exchanges and other virtual asset service providers, ensuring compliance with international standards such as anti-money laundering. The bill stipulates that businesses providing virtual asset services to Jamaican consumers, regardless of their headquarters location, must obtain authorization from the Financial Services Commission (FSC); operating without a license will constitute a criminal offense. Licensed entities will also be required to fulfill obligations such as customer identity verification, transaction monitoring, and reporting suspicious activities. Jamaica's Finance Minister Fayval Williams stated that FSC licensing regulates business operations only and does not represent official endorsement or guarantee of the digital assets being traded. The Jamaican dollar remains the country's sole legal currency, and the FSC will be authorized to license, supervise, and shut down non-compliant virtual asset businesses. (Bitcoin.com News)