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Saint Lucia

Retail_Trading_Status

Allowed-Regulated Unknown
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Analysis ID
#271
Version
Archived
Created
2025-06-26 09:09
Workflow Stage
Initial Research

Executive Summary

In Saint Lucia, individual citizens and residents are legally permitted to buy, sell, and hold cryptocurrencies. The Financial Services Regulatory Authority (FSRA) is the primary regulatory body overseeing virtual asset businesses, with the Eastern Caribbean Central Bank (ECCB) also playing a role. The Virtual Asset Business Act (VABA), enacted in December 2022, establishes a comprehensive legal framework for Virtual Asset Service Providers (VASPs), mandating licensing and compliance with AML/KYC standards to ensure investor protection and market integrity.

Key Pillars

The key regulatory pillars in Saint Lucia's cryptocurrency framework include: (1) The Financial Services Regulatory Authority (FSRA) as the primary regulator for virtual asset businesses; (2) Core compliance requirements such as AML/KYC procedures as mandated by the VABA and other existing financial laws, and (3) Licensing requirements for Virtual Asset Service Providers (VASPs) operating in or from Saint Lucia.

Landmark Laws

Virtual Asset Business Act (VABA) (December 2022): Establishes a comprehensive legal framework for Virtual Asset Service Providers (VASPs) operating in or from Saint Lucia, mandating licensing from the FSRA and compliance with AML/CFT standards. Securities Act (2001): Forms part of the legislative basis for oversight of financial activities. Anti-Money Laundering Act (2005): Forms part of the legislative basis for oversight of financial activities.

Considerations

The Virtual Asset Business Act (VABA) regulates VASPs operating in or from Saint Lucia. Individual residents are generally permitted to use services of foreign-based crypto exchanges, which are subject to the regulations of their respective jurisdictions. The Eastern Caribbean Central Bank (ECCB) has cautioned the public about the risks associated with decentralized cryptocurrencies like Bitcoin.

Notes

In 2025, Saint Lucia has a comprehensive legal framework for Virtual Asset Service Providers (VASPs). Natalie Dusauzay, Executive Director of the FSRA, stated that VASPs would have to submit an application to the Financial Services Regulatory Authority to be approved as a virtual asset service provider. The Eastern Caribbean Central Bank (ECCB) has been exploring a Central Bank Digital Currency (CBDC) called DCash.

Detailed Explanation

As of 2025, Saint Lucia legally permits its citizens and residents to buy, sell, and hold cryptocurrencies. The regulatory landscape has evolved with a proactive approach toward blockchain technology and digital assets, overseen primarily by the Financial Services Regulatory Authority (FSRA). The Eastern Caribbean Central Bank (ECCB) also plays a role, issuing advisories and exploring a Central Bank Digital Currency (CBDC) called DCash. However, the ECCB emphasizes that only the Eastern Caribbean dollar (and DCash) is legal tender. A significant development was the enactment of the Virtual Asset Business Act (VABA) in December 2022. This Act establishes a legal framework for Virtual Asset Service Providers (VASPs) operating in or from Saint Lucia. Under the VABA, entities engaging in virtual asset activities, such as exchanges and custodial wallet services, must obtain a license from the FSRA, ensuring investor protection and compliance with AML/CFT standards. Natalie Dusauzay, Executive Director of the FSRA, explained that VASPs would need to apply to the FSRA for approval. While platforms and businesses facilitating cryptocurrency activities are regulated, individual residents can generally use foreign-based crypto exchanges, which are subject to the regulations of their respective jurisdictions. The Virtual Asset Business Act, No. 24 of 2022, provides the regulation and supervision of virtual asset businesses operating in or from Saint Lucia. The VABA and other financial laws, such as the Securities Act (2001) and the Anti-Money Laundering Act (2005), form the legislative basis for this oversight. Saint Lucia's Composite VASP License offers a broad and flexible regulatory umbrella and applies to a wide range of activities.

Summary Points

Okay, here's the regulatory analysis report on Retail_Trading_Status in Saint Lucia, converted into a clear, well-structured bullet point format:

Retail Trading of Cryptocurrencies in Saint Lucia: Regulatory Overview (2025)

I. General Status:

  • Allowed-Regulated: Individual citizens and residents are legally permitted to buy, sell, and hold cryptocurrencies. However, platforms and businesses facilitating these activities are subject to regulation.

II. Key Regulatory Bodies:

  • Financial Services Regulatory Authority (FSRA):
    • Primary regulatory body overseeing financial services, including virtual asset businesses.
    • Responsible for licensing and supervising Virtual Asset Service Providers (VASPs).
  • Eastern Caribbean Central Bank (ECCB):
    • Sets monetary policy for the Eastern Caribbean Currency Union (ECCU), of which Saint Lucia is a member.
    • Provides broader financial oversight and issues advisories regarding cryptocurrencies.
    • Has cautioned the public about the risks associated with decentralized cryptocurrencies.
    • Exploring a Central Bank Digital Currency (CBDC) called DCash.

III. Key Legislation and Regulations:

  • Virtual Asset Business Act (VABA) (December 2022):
  • Securities Act (2001): Contributes to the legislative basis for oversight.
  • Anti-Money Laundering Act (2005): Contributes to the legislative basis for oversight.

IV. Requirements for Compliance (VASPs):

  • Licensing: VASPs operating in or from Saint Lucia must obtain a license from the FSRA.
  • AML/KYC Procedures: Mandatory AML/KYC procedures for customer verification and transaction monitoring.
  • Reporting Requirements: VASPs are subject to reporting requirements as defined by the FSRA.
  • Operational Requirements: Adherence to specific operational requirements set forth by the FSRA.

V. Notable Restrictions or Limitations:

  • Licensing Requirement for VASPs: Any entity establishing a virtual asset business within Saint Lucia falls under the purview of the VABA and requires a license.
  • ECCB Warning: The ECCB has cautioned the public about the risks associated with decentralized cryptocurrencies, emphasizing that only the Eastern Caribbean dollar (and its digital form, DCash) is legal tender in the ECCU.

VI. Recent Developments or Changes:

  • Enactment of the VABA (December 2022): A significant move towards a regulated environment for cryptocurrency activities.
  • FSRA Licensing Regime: Implementation of a licensing regime for VASPs.
  • 2025 Shift: 2025 marks a pivotal shift in the Caribbean virtual asset landscape with the introduction of comprehensive legal frameworks for VASPs.

VII. Use of Foreign Platforms:

  • Permitted: Individual residents are generally permitted to use services of foreign-based crypto exchanges.
  • Regulation: Foreign-based exchanges are subject to the regulations of their respective jurisdictions.
  • CitizenX - Guide to KYC on Coinbase with a Saint Lucia Passport in 2025: https://citizenx.com/kyc-coinbase-saint-lucia-passport/

VIII. Additional Resources (URLs):

Full Analysis Report

Report on the Current Status of Retail Trading of Cryptocurrencies in Saint Lucia

Date of Report: 2025-06-26

Topic: Retail_Trading_Status

Description: An assessment of whether individual citizens and residents in Saint Lucia are legally permitted to buy, sell, and hold cryptocurrencies. This report details the regulatory environment surrounding this activity, including any Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements imposed on platforms, and general warnings issued.

Section 1: Retail_Trading_Status in Saint Lucia

1. Identified Current Status: Allowed-Regulated

2. Detailed Narrative Explanation:

Individual citizens and residents in Saint Lucia are legally permitted to buy, sell, and hold cryptocurrencies. While historically the nation did not have specific legislation targeting cryptocurrencies, the regulatory landscape has evolved significantly. The government of Saint Lucia has shown a proactive and progressive approach towards blockchain technology and digital assets, recognizing their potential for economic growth and innovation.

The primary regulatory body overseeing financial services, including virtual asset businesses, is the Financial Services Regulatory Authority (FSRA). The Eastern Caribbean Central Bank (ECCB), which sets monetary policy for the Eastern Caribbean Currency Union (ECCU) of which Saint Lucia is a member, also plays a role in the broader financial oversight and has issued advisories regarding cryptocurrencies. While the ECCB has been exploring a Central Bank Digital Currency (CBDC) called DCash, it has also cautioned the public about the risks associated with decentralized cryptocurrencies like Bitcoin, emphasizing that only the Eastern Caribbean dollar (and its digital form, DCash) is legal tender in the ECCU.

A key development was the enactment of the Virtual Asset Business Act (VABA) in December 2022. This Act establishes a comprehensive legal framework for Virtual Asset Service Providers (VASPs) operating in or from Saint Lucia. Under this Act, entities engaging in virtual asset activities, which include exchanges, custodial wallet services, and issuing digital assets, must obtain a license from the FSRA. This licensing regime aims to ensure investor protection, market integrity, and compliance with international standards, particularly concerning Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT).

Therefore, while individuals can engage with cryptocurrencies, the platforms and businesses facilitating these activities are subject to regulation. These regulations include mandatory AML/KYC procedures for customer verification and transaction monitoring. The VABA and other existing financial laws, such as the Securities Act (2001) and the Anti-Money Laundering Act (2005), form the legislative basis for this oversight.

It's important to note that while VASPs operating in Saint Lucia require FSRA licensing, individual residents are generally permitted to use services of foreign-based crypto exchanges, which would be subject to the regulations of their respective jurisdictions. However, any VASP establishing a business within Saint Lucia falls under the purview of the VABA.

The introduction of the VABA in late 2022 and its implementation signify a clear move towards a regulated environment for cryptocurrency activities, rather than an unregulated or prohibitive stance. Companies wishing to offer virtual asset services must now adhere to specific licensing and operational requirements set forth by the FSRA.

3. Specific, Relevant Text Excerpts:

  • Gofaizen & Sherle (referring to the Virtual Asset Business Act, 2022): "Virtual Asset Business Act (2022) – regulates cryptocurrency companies and establishes licensing and reporting requirements." "As of 2024, all cryptocurrency firms in Saint Lucia must undergo a licensing process. A Virtual Asset Service Provider (VASP) license is issued by the FSRA."
  • Manimama | Law Firm (referring to the Virtual Asset Business Act): "To legally conduct virtual asset business activities in or from Saint Lucia, individuals or entities (including corporations, firms, associations, and partnerships) must obtain a license from the Financial Services Regulatory Authority (FSRA)."
  • LegalBison (on legality and regulation): "To answer the common question of “Is cryptocurrency legal in Saint Lucia?” – yes, it is." "All of Saint Lucia's crypto firms must adhere to the Know Your Customer (KYC) regulations as well as the Anti-Money Laundering (AML) Act."
  • Government of Saint Lucia (on the Virtual Assets Business Act, 2022): "One piece of legislation which will impact several service providers is the Virtual Assets Business Act which was recently passed in December 2022." Natalie Dusauzay, Executive Director of the FSRA, is quoted explaining that VASPs "would have to submit an application to the Financial Services Regulatory Authority to be approved as a virtual asset service provider.”
  • Saint Lucia Government Gazette (Virtual Asset Business Act, No. 24 of 2022): "AN ACT to provide for the regulation and supervision of a virtual asset business in or from Saint Lucia and for related matters." "Subject to subsection (2), a person shall not offer or operate in or from Saint Lucia, a virtual asset business without being licensed under this Act."
  • CitizenX (regarding individual use of foreign platforms): "In 2022, Saint Lucia passed the Virtual Assets Business Act to regulate crypto service providers operating in Saint Lucia... However, as a user of Coinbase, this law doesn't directly affect you, because Coinbase is not based in Saint Lucia (it's based in the U.S.). You as a consumer are allowed to use foreign crypto services; the local law is targeting businesses setting up shop in Saint Lucia."
  • Zitadelle AG (on the new regulatory framework): "2025 marks a pivotal shift in the Caribbean virtual asset landscape. Two jurisdictions - St. Lucia and St. Vincent and the Grenadines (SVG) - have introduced comprehensive legal frameworks for Virtual Asset Service Providers (VASPs). For the first time, firms engaging in digital asset activities in these countries must now apply for authorization and comply with newly enacted laws." "Saint Lucia's Composite VASP License offers a broad and flexible regulatory umbrella that consolidates multiple service lines. It is issued by the Financial Services Regulatory Authority (FSRA) and applies to a wide range of activities..."

4. Direct, Accessible URL Links to Specific Sources:

Web Sources (16)

Sources discovered via web search grounding

Search queries used (7)
  • Retail cryptocurrency trading status Saint Lucia
  • Saint Lucia cryptocurrency regulation
  • Financial Services Regulatory Authority Saint Lucia cryptocurrency
  • Eastern Caribbean Central Bank cryptocurrency policy Saint Lucia
  • Saint Lucia AML/KYC cryptocurrency regulations
  • Is cryptocurrency legal in Saint Lucia for individuals
  • Saint Lucia virtual asset service provider regulation
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