Where is Jamaica’s digital asset policy?

In recent months, I have explored the rise of Bitcoin, Bitcoin technology, stablecoins and the future of banking in a digital age. The natural progression of that discussion leads to a pressing question for Jamaica: where is Jamaica’s digital asset policy?

The lack of such a policy is not merely a regulatory oversight. It is a critical bottleneck retarding the growth of vital sectors of our country’s development. Without clear guidelines, the emerging cross-border payment technologies that are fuelling new industries globally cannot be effectively employed here. Applications being developed and monetised in other countries remain out of reach for Jamaican entrepreneurs; our payments must still pass through foreign banks and foreign payment services, stifling innovation at its source.

The data paint a stark picture of what we are missing. Between 2020 and June 2025, Jamaican banks themselves reported J$8.9 billion in cryptocurrency-related transactions flowing through the island, as reported by this very newspaper in June of this year. This occurred despite the fact that no licensed virtual asset service providers (VASPs) operate domestically. The figure is also dwarfed by third-party estimates, with blockchain analytics firm Chainalysis placing Jamaica’s estimated annual transaction value at approximately US$2.07 billion.

This is money moving and value being created, but all of it is happening outside a clear Jamaican framework, with our banks acting merely as checkpoints for fiat-currency on-ramps and off-ramps to foreign exchanges.

Meanwhile, our sister Caribbean nations are not waiting. They are moving with purpose and urgency. The Cayman Islands have established a comprehensive two-tier framework under their Virtual Asset Service Providers Act, distinguishing between registration for basic activities and full licensing for custody and trading platforms. They have even enacted specific legislation for tokenised funds, removing the risk of overlapping regulation and creating a clear, attractive pathway for institutional investors. As of 2026, they host 21 licensed VASPs.

Similarly, The Bahamas has taken a wide-ranging approach with its DARE Act 2024, which broadly regulates digital asset businesses without treating every blockchain asset as a regulated financial instrument. This flexibility has created a fertile environment for innovation, with 19 authorised VASPs operating there. Curaçao has also published detailed crypto-policy guidelines, setting firm compliance deadlines through mid-2027 for its licensed entities.

The competitive advantage of our neighbours is regulatory speed and legal certainty. While larger onshore centres often take years to move from consultation to implementation, leading Caribbean jurisdictions have shown a capacity to legislate, consult and refine their digital asset rules on a much shorter timetable. This speed matters because digital asset business models evolve faster than traditional legislative cycles.

More importantly, these jurisdictions are proving that regulatory nimbleness does not mean abandoning international standards. Their frameworks are robustly aligned with Financial Action Task Force (FATF) requirements.

The good news is that a policy response is already in motion. Jamaica has drafted a Virtual Asset Service Providers Bill, now before Parliament, which would establish a licensing and supervisory framework and impose anti-money-laundering obligations. The Financial Services Commission (FSC) has also issued a public consultation paper on a proposed licensing regime and regulatory measures for VASPs.

Notably, Jamaica has chosen a full licensing model over a lighter registration regime, signalling a commitment to credibility and robust oversight. The Financial Investigations Division has also taken steps to strengthen its capacity to trace and seize cryptocurrency assets, signalling that enforcement capability is being built in parallel.

This is an encouraging start, but the time for deliberation is over. The Bank of Jamaica’s (BOJ’s) own National Risk Assessment acknowledges that while cross-border payments through virtual assets are not currently a material channel, “the structural reliance on cross-border financial corridors means the country must remain forward-looking”. We cannot afford merely to be forward-looking; we must be active participants.

A new governor, a new pace

There is reason for renewed hope. On August 19, Dr Brian Langrin assumed office as the new governor of the Bank of Jamaica, succeeding Richard Byles. Crucially, Dr Langrin brings direct experience with the region’s digital transformation, having recently advised CARICOM on modernising the Caribbean’s digital financial market infrastructure.

He is no stranger to the BOJ, having previously served there and advanced policy, legislative and institutional reforms. The departure of Governor Byles may itself remove a significant obstacle. Byles has openly acknowledged his regrets about the slow rollout of JAM-DEX, stating that he waited about two years before involving commercial banks and should have enlisted the government from the outset to make digital payments a national priority.

His background at the helm of a major financial institution may have given him a banker’s perspective that prioritised caution over speed. Dr Langrin, by contrast, arrives with a mandate for change. Dr Damien King, executive director of the Caribbean Policy Research Institute, has expressed confidence in Langrin’s ability to manage the central bank’s mandate, citing his technical expertise and previous BOJ experience as assurances of competence and continuity.

With a new governor already working on Caribbean digital financial infrastructure, there is genuine hope that the pace of policy development and publication will quicken.

The digital era is here. Our competitors have already staked their claims. By moving with urgency to finalise and publish a clear digital asset policy, and with fresh leadership at the BOJ, Jamaica can provide the legal certainty needed to attract investment, foster innovation and secure its place in the new global financial architecture. The longer we wait, the further we fall behind.

Let the conversation continue.

Michael Ennis BA, MBA, information systems consultant. Email: mail2michaelennis@gmail.com. Full disclosure: The author is not an investor in digital assets, including bitcoin. He is, however, a director of a bitcoin technology company.