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Barbados

Retail_Trading_Status

Allowed-Regulated Unknown
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Status Changed

Previous status: Allowed-UnRegulated

The primary difference between the two analyses lies in the assigned "Current Status" for retail cryptocurrency trading in Barbados, with the Previous Analysis deeming it `Allowed-UnRegulated` and the New Analysis concluding `Allowed-Regulated`. This change stems from a nuanced interpretation of what constitutes "regulated" and the incorporation of more recent information or a different emphasis on existing facts regarding regulatory actions and intent. Justification for the differences: 1. **Interpretation of "Regulated":** * The **Previous Analysis** focused on the absence of a *comprehensive, dedicated, and specific legislative framework solely for cryptocurrencies and retail trading platforms*. While it acknowledged the application of general AML/CFT laws and the existence of a regulatory sandbox, its core argument for "UnRegulated" was the lack of bespoke rules and direct licensing regimes for crypto-specific activities. The emphasis was on what was *missing* in terms of crypto-specific oversight. * The **New Analysis**, while also acknowledging the lack of a singular, dedicated crypto law, places greater weight on the *application of existing financial and commercial laws* to crypto-related businesses. It interprets the enforcement of AML/CFT/KYC requirements on entities dealing with digital assets, the FSC's stance on treating certain digital assets as securities, and the active steps towards developing a framework as sufficient to categorize the environment as "Regulated," albeit not yet with a fully mature, crypto-specific regime. The emphasis is on the *existing and developing oversight mechanisms*. 2. **Emphasis on Active Regulatory Development:** * The Previous Analysis mentioned the sandbox and future CARF implementation but framed the current environment as largely lacking specific operational rules. * The New Analysis highlights more explicitly the proactive steps being taken by regulatory bodies. The establishment of the FSC's FinTech Advisory Committee in 2022, tasked with developing legislative frameworks for investor protection in cryptocurrencies, is a key piece of evidence. Furthermore, the January 2025 statement from the Minister of Economic Affairs and Investments about the government's commitment to a "strong regulatory framework for digital assets" signals clear regulatory intent and ongoing work. These elements suggest an environment that is actively being shaped by regulators, moving beyond a purely "unregulated" state. 3. **Weight Given to Existing AML/CFT Frameworks for Crypto Entities:** * Both analyses acknowledge that AML/CFT laws apply. However, the Previous Analysis viewed this as a general obligation not amounting to specific regulation of the crypto *market* itself. * The New Analysis, supported by sources like Gofaizen & Sherle ("legal but highly regulated environment...subject to AML, CFT, and KYC requirements") and the FSC's AML/CFT Guidelines (which include specific considerations for virtual assets and VASPs), argues that these existing obligations constitute a significant form of regulation for businesses operating in the crypto space, thereby impacting the retail trading environment. The requirement for crypto businesses to register as legal entities and comply with financial institution regulations is seen as a regulatory measure. 4. **Newer and More Specific Source Material:** * The New Analysis incorporates sources that provide a more direct assertion of a regulated environment or detail more recent regulatory actions. For instance, the Gofaizen & Sherle source explicitly states Barbados has a "highly regulated environment" for crypto. The FSC's February 2023 presentation details the FinTech Advisory Committee's mandate. The Barbados Today article from January 2025 provides a recent government commitment. These sources strengthen the argument for an "Allowed-Regulated" status. 5. **Evolution of the Regulatory Landscape (or Perception thereof):** * The differences may also reflect an evolution in the regulatory landscape itself or in the available information and its interpretation over time. The Previous Analysis might have been based on information that, while accurate, didn't capture the full extent of ongoing regulatory work or the direct applicability of existing laws as forcefully as the newer information does. The FSC's specific mention of VASPs in its AML/CFT guidelines and the active work of the FinTech Advisory Committee are significant developments or clarifications. In essence, the shift from `Allowed-UnRegulated` to `Allowed-Regulated` reflects a judgment that even without a standalone "Cryptocurrency Act," the combination of existing financial laws being applied to crypto entities, the active development of specific frameworks by regulatory bodies (FSC, CBB), clear government intent, and international commitments (CARF) constitutes a regulated environment. The activity is permitted, but it is not occurring in a regulatory vacuum; rather, it is increasingly subject to oversight and is on a clear path towards more defined and specific regulation. The New Analysis views the current state as one of evolving regulation rather than a lack of regulation.

Analysis ID
#463
Version
Latest
Created
2025-06-26 13:07
Workflow Stage
Live

Executive Summary

In Barbados, individuals and businesses are legally permitted to buy, sell, and trade cryptocurrencies. The regulatory oversight is primarily exercised by the Financial Services Commission (FSC) and the Central Bank of Barbados (CBB). A cornerstone of this regulation is the mandatory adherence to Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) compliance, which includes Know Your Customer (KYC), reporting, and licensing requirements for businesses. Rather than specific, standalone cryptocurrency legislation, digital asset activities are governed through the application of existing financial laws and a proactive approach to integrating these assets into the traditional financial ecosystem, including through regulatory sandboxes and special listing facilities.

Key Pillars

  • Legal Permissibility: Cryptocurrencies are legally recognized and allowed for trading and exchange by both individuals and businesses.

  • Regulatory Oversight: The Financial Services Commission (FSC) and the Central Bank of Barbados (CBB) are the primary bodies providing regulatory oversight. The Anti-Money Laundering Authority (AMLA) also plays a crucial role in AML/CFT supervision.

  • Mandatory AML/CFT Compliance: Businesses dealing with cryptocurrencies are subject to stringent AML/CFT regulations, requiring them to implement robust KYC procedures, adhere to reporting obligations, and meet specific licensing requirements to operate.

  • Integration with Existing Financial Laws: Cryptocurrency activities are regulated under existing financial and commercial laws, rather than a distinct, comprehensive crypto-specific legislative framework. This includes regulations pertaining to financial institutions, securities, and anti-money laundering.

Landmark Laws

Financial Services Commission Act (2010)
- Authority: Parliament of Barbados.
- Date: Enacted in 2010, establishing the FSC on April 1, 2011.
- Summary: This Act established the Financial Services Commission (FSC), which is mandated to supervise and regulate non-bank financial institutions. Crucially, this mandate extends to include cryptocurrency companies, ensuring they operate within a regulated environment.

Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23
- Authority: Parliament of Barbados.
- Date: Originally 2011, updated to 2011-23.
- Summary: This Act forms the backbone of Barbados's AML/CFT framework. It establishes the Anti-Money Laundering Authority (AMLA) and imposes mandatory duties on financial institutions, Designated Non-Financial Businesses & Professions (DNFBPs), and other entities, including those dealing with virtual assets. These duties encompass customer identification, ongoing due diligence, record-keeping, and internal reporting of suspicious transactions, directly impacting crypto businesses.

Securities Act (and related instruments like the Barbados Stock Exchange's Special Listing Facility for Digital Assets)
- Authority: Parliament of Barbados (for the Securities Act), Financial Services Commission (for approval of the Special Listing Facility).
- Date: The Securities Act's original enactment (date not specified in searches, but predates crypto regulation). The Special Listing Facility for Digital Assets was approved by the FSC on July 1, 2019.
- Summary: While not directly a "crypto law," the Securities Act becomes relevant when digital assets are classified as securities. The FSC explicitly states it will treat new products with characteristics of an investment as securities, irrespective of their form. The Barbados Stock Exchange (BSE), with FSC approval, launched a Special Listing Facility for Digital Assets. This facility broadens the definition of "Digital Assets" to include various tokens (security tokens, utility tokens, payment tokens, cryptocurrency) and requires compliance with the Securities Act for participants carrying on business in Barbados. This provides a regulatory pathway for the public trading of certain crypto-assets.

Internal Revenue Code
- Authority: Parliament of Barbados (via the Barbados Revenue Authority).
- Date: Not specified, but it's the standing tax legislation.
- Summary: This code governs the taxation of cryptocurrency transactions in Barbados. Income derived from cryptocurrency dealings is subject to taxation.

Considerations

  • Asset Classification: The Barbados Revenue Authority (BRA) has not issued official, specific guidance on cryptocurrency classification for tax purposes. However, cryptocurrencies are generally likely to be treated as intangible assets. The Barbados Stock Exchange's Special Listing Facility defines "Digital Assets" broadly to include all forms of crypto-assets (e.g., security, utility, payment tokens, cryptocurrencies) that have a financial or investment purpose.

  • Taxation: Income generated from cryptocurrency transactions is subject to income tax. While Barbados generally does not levy a capital gains tax, profits from the sale or exchange of cryptocurrencies, especially if treated as intangible assets, may be subject to capital gains tax or considered as income and taxed at progressive personal income tax rates (0% to 33.5%) or corporate income tax rates (5.5% down to 1%). There is some ambiguity in public information regarding a general capital gains tax versus taxing crypto profits as income or specific capital gains on intangible assets. Notably, non-domiciled individuals residing in Barbados are generally only taxed on income earned within Barbados, meaning cryptocurrency income earned on foreign exchanges is often not taxable for them. Barbados has committed to implementing the Crypto-Asset Reporting Framework (CARF), developed by the OECD, by 2027, with the first exchange of information scheduled for 2028. This framework aims to enhance global tax transparency and combat tax evasion related to crypto-assets.

  • Licensing for Businesses: While there isn't a distinct "crypto license," businesses operating with digital assets must comply with general financial regulations and register as a Virtual Asset Service Provider (VASP) under existing requirements, adhering to AML/CFT and KYC standards.

Notes

  • Regulatory Sandbox: The Financial Services Commission (FSC) and the Central Bank of Barbados (CBB) jointly launched a regulatory sandbox in 2018. This initiative allows companies to test innovative financial products and services, including those involving digital assets, in a controlled real-world environment while mitigating risks to consumers and stakeholders. A notable example is Bitt Inc., a Barbados-based blockchain company, which successfully piloted its mMoney digital wallet (a digital representation of the Barbados dollar) within this sandbox.

  • Central Bank Digital Currency (CBDC) Exploration: Barbados is actively exploring the development of its own central bank digital currency. While not a direct party to the Eastern Caribbean Central Bank (ECCB)'s digital currency pilot, local firm Bitt Inc. has been a key technology partner in such regional initiatives and has also been reported to be working on a digital Barbadian dollar.

  • FinTech Advisory Committee (FAC): Established by the FSC in 2022, this committee is tasked with identifying opportunities, issues, and risks related to the FinTech sector, including cryptocurrencies and digital assets, and advising the FSC on appropriate regulatory frameworks.

Detailed Explanation

Barbados has adopted a pragmatic and progressive stance on retail crypto trading, deeming it legally allowed and subject to regulation. This approach is underpinned by the country's commitment to fostering financial innovation while simultaneously safeguarding against illicit activities and protecting consumers. The regulatory framework, as of June 2025, is characterized by the application of existing financial laws rather than the promulgation of a single, overarching cryptocurrency-specific statute.The primary regulatory bodies overseeing crypto activities are the Financial Services Commission (FSC) and the Central Bank of Barbados (CBB). The FSC, established under the Financial Services Commission Act (2010), holds the mandate to supervise and regulate non-bank financial institutions, a category that explicitly includes entities dealing with cryptocurrencies. This means that businesses engaged in crypto-related services must adhere to the same stringent standards expected of traditional financial service providers. The CBB, while cautious, has been actively involved in discussions and initiatives related to digital currencies, including its participation in the regulatory sandbox.A critical component of Barbados's regulatory environment for cryptocurrencies is its robust Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regime. Businesses operating in the crypto space are legally obligated to implement comprehensive KYC (Know Your Customer) procedures, perform ongoing due diligence, maintain meticulous records, and report any suspicious transactions. This compliance framework is primarily derived from the Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23, which also established the Anti-Money Laundering Authority (AMLA) to oversee these critical safeguards. The Central Bank of Barbados, in conjunction with the AMLA, issued an AML/CFT Guideline in November 2021 that specifically addresses Virtual Asset Service Providers (VASPs), outlining their obligations in detail. Even without a dedicated "crypto license," businesses are required to register as VASPs and adhere to these existing financial regulations.While Barbados has not enacted a specific "Virtual Asset Business Act," the existing Securities Act becomes highly relevant when digital assets exhibit characteristics of securities. To provide clarity and a structured environment for capital raising through digital assets, the Barbados Stock Exchange (BSE), with approval from the FSC, launched a Special Listing Facility for Digital Assets on July 1, 2019. This facility offers a framework for listing and trading a broad range of digital assets, including various types of tokens and cryptocurrencies, on the BSE International Securities Market, ensuring transparent and regulated trading practices.Regarding taxation, income derived from cryptocurrency transactions in Barbados is subject to taxation under the Internal Revenue Code. Although Barbados generally does not impose a capital gains tax, profits realized from the sale or exchange of cryptocurrencies are likely treated as income or, if classified as intangible assets, potentially subject to capital gains principles, with personal income tax rates ranging from 0% to 33.5% and corporate rates varying progressively. It's noteworthy that for non-domiciled tax residents, income earned from foreign-based cryptocurrency exchanges is generally not taxed in Barbados, presenting a potentially attractive environment for international investors. Furthermore, Barbados is proactively preparing for greater international tax transparency by committing to implement the OECD's Crypto-Asset Reporting Framework (CARF) by 2027, with data exchange commencing in 2028.Beyond the current regulatory landscape, Barbados is actively exploring and fostering innovation in the FinTech sector. The joint regulatory sandbox by the FSC and CBB, launched in 2018, serves as a testament to this, allowing new technologies and business models to be tested in a controlled environment. The success of local companies like Bitt Inc. in developing digital payment solutions within this sandbox highlights Barbados's forward-thinking approach. The country is also openly considering the development of its own central bank digital currency, indicating a continued interest in integrating digital assets into its financial future. The establishment of the FinTech Advisory Committee by the FSC further underscores Barbados's commitment to understanding and appropriately regulating emerging digital asset trends.

Summary Points

Here's the detailed regulatory analysis report on Retail Crypto Trading in Barbados converted into a clear, well-structured bullet point format:

## Retail Crypto Trading in Barbados: Regulatory Overview (As of June 2025)

### 1. Regulatory Status

  • Allowed-Regulated: Retail crypto trading is legally permitted for individuals and businesses in Barbados.

### 2. Regulatory Approach

  • Integration with Existing Laws: Cryptocurrency activities are governed by existing financial and commercial laws, rather than a standalone, comprehensive crypto-specific legislative framework.
  • Proactive & Progressive: Barbados aims to foster financial innovation while simultaneously safeguarding against illicit activities and protecting consumers.

### 3. Key Regulatory Bodies & Their Roles

  • Financial Services Commission (FSC):
  • Primary regulator and supervisor of non-bank financial institutions, explicitly including cryptocurrency companies.
  • Mandated to ensure crypto companies operate within a regulated environment.
  • Approves initiatives like the Barbados Stock Exchange's Special Listing Facility for Digital Assets.
  • Co-launched the regulatory sandbox.
  • Established the FinTech Advisory Committee.
  • Central Bank of Barbados (CBB):
  • Primary regulator, actively involved in discussions and initiatives related to digital currencies.
  • Co-launched the regulatory sandbox.
  • Issued AML/CFT Guideline for Virtual Asset Service Providers (VASPs) jointly with AMLA.
  • Actively exploring a Central Bank Digital Currency (CBDC).
  • Anti-Money Laundering Authority (AMLA):
  • Plays a crucial role in AML/CFT supervision for all entities, including those dealing with virtual assets.
  • Established under the Money Laundering and Financing of Terrorism (Prevention and Control) Act.
  • Barbados Revenue Authority (BRA):
  • Governs the taxation of cryptocurrency transactions.

### 4. Key Legislation & Regulations

  • Financial Services Commission Act (2010):
  • Established the FSC and its mandate to regulate non-bank financial institutions, which extends to crypto companies.
  • Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23:
  • Forms the backbone of Barbados's AML/CFT framework.
  • Establishes AMLA and imposes mandatory duties (customer identification, ongoing due diligence, record-keeping, suspicious transaction reporting) on financial institutions and virtual asset entities.
  • Securities Act:
  • Becomes relevant when digital assets are classified as securities.
  • The FSC explicitly states it will treat new products with characteristics of an investment as securities, irrespective of their form.
  • Barbados Stock Exchange's Special Listing Facility for Digital Assets (Approved July 1, 2019):
  • Approved by the FSC, this facility provides a regulatory pathway for the public trading of various digital assets (e.g., security tokens, utility tokens, payment tokens, cryptocurrency).
  • Requires compliance with the Securities Act for participants carrying on business in Barbados.
  • Internal Revenue Code:
  • Governs the taxation of income derived from cryptocurrency dealings.
  • AML/CFT Guideline for Virtual Asset Service Providers (VASPs) (November 2021):
  • Issued by the CBB and AMLA, outlining detailed AML/CFT obligations for VASPs.

### 5. Compliance Requirements

  • Mandatory AML/CFT Compliance:
  • Businesses dealing with cryptocurrencies are subject to stringent Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.
  • Key Requirements:
  • Robust Know Your Customer (KYC) procedures.
  • Ongoing customer due diligence.
  • Meticulous record-keeping.
  • Internal reporting of suspicious transactions.
  • Licensing/Registration for Businesses:
  • While there isn't a distinct "crypto license," businesses operating with digital assets must comply with general financial regulations.
  • Required to register as a Virtual Asset Service Provider (VASP) under existing requirements.
  • Adherence to the AML/CFT Guideline for VASPs is mandatory.
  • Securities Act Compliance:
  • If digital assets are classified as securities, businesses must comply with the Securities Act.

### 6. Taxation of Crypto Assets

  • Asset Classification:
  • The Barbados Revenue Authority (BRA) has not issued official, specific guidance on cryptocurrency classification for tax purposes.
  • However, cryptocurrencies are generally likely to be treated as intangible assets.
  • The BSE's Special Listing Facility broadly defines "Digital Assets" to include all forms of crypto-assets that have a financial or investment purpose.
  • Income Tax:
  • Income generated from cryptocurrency transactions is subject to income tax.
  • Potential Tax Treatment:
  • While Barbados generally does not levy a capital gains tax, profits from the sale or exchange of cryptocurrencies, especially if treated as intangible assets, may be subject to capital gains tax.
  • Alternatively, profits could be considered as income and taxed at progressive personal income tax rates (0% to 33.5%) or corporate income tax rates (5.5% down to 1%).
  • Non-Domiciled Individuals:
  • Generally taxed only on income earned within Barbados.
  • Cryptocurrency income earned on foreign exchanges is often not taxable for non-domiciled individuals residing in Barbados.
  • International Reporting:
  • Barbados has committed to implementing the OECD's Crypto-Asset Reporting Framework (CARF) by 2027, with the first exchange of information scheduled for 2028.

### 7. Recent Developments & Initiatives

  • Regulatory Sandbox (Launched 2018):
  • Joint initiative by the FSC and CBB.
  • Allows companies to test innovative financial products and services, including those involving digital assets, in a controlled real-world environment.
  • Notable Example: Bitt Inc., a Barbados-based blockchain company, successfully piloted its mMoney digital wallet (a digital representation of the Barbados dollar) within this sandbox.
  • Central Bank Digital Currency (CBDC) Exploration:
  • Barbados is actively exploring the development of its own central bank digital currency.
  • Local firm Bitt Inc. has been a key technology partner in regional CBDC initiatives.
  • FinTech Advisory Committee (FAC) (Established 2022):
  • Established by the FSC.
  • Tasked with identifying opportunities, issues, and risks related to the FinTech sector, including cryptocurrencies and digital assets.
  • Advises the FSC on appropriate regulatory frameworks.

Full Analysis Report

Report on Retail_Trading_Status in Barbados

Date: 2025-06-26

Topic: Retail_Trading_Status

Description: Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).

Retail_Trading_Status: Allowed-Regulated

1. Identified Current Status: Allowed-Regulated

2. Detailed Narrative Explanation:

Retail cryptocurrency trading, encompassing the buying, selling, and holding of cryptocurrencies by individual citizens and residents, is legally permitted in Barbados. However, the sector is not operating in an entirely unregulated space. While Barbados does not yet have a comprehensive, specific legislative framework solely dedicated to cryptocurrencies, existing financial and commercial laws apply, and regulatory bodies are actively working towards more defined oversight. Crypto-related activities, particularly those undertaken by businesses, are subject to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Know Your Customer (KYC) requirements.

The Financial Services Commission (FSC) of Barbados, responsible for regulating non-bank financial institutions, considers new products with investment characteristics as securities, irrespective of their form, which can include certain digital assets. The FSC has acknowledged the absence of an overarching legislative framework for FinTech innovations and is actively working to address this. In 2022, the FSC established a FinTech Advisory Committee tasked with determining how to implement frameworks to protect investors in cryptocurrencies, digital assets, and tokens. This committee's objectives include identifying risks and opportunities in the FinTech sector and providing recommendations for legislative frameworks.

The Central Bank of Barbados has also been exploring the implications of cryptocurrencies, including their potential inclusion in international reserves, though a 2015 discussion paper suggested caution due to volatility. More recently, the government has expressed a commitment to fostering an environment conducive to blockchain, cryptocurrency, and digital asset initiatives to attract investment and drive economic growth. This includes plans for a "strong regulatory framework for digital assets."

Barbados is also aligning with international standards for tax transparency in the crypto space. The country has endorsed the OECD's Crypto-Asset Reporting Framework (CARF), with implementation set for 2027 and the first exchange of information scheduled for 2028. This framework aims to provide tax authorities with data on crypto-asset transactions to support tax compliance and combat tax evasion.

While there isn't a specific "crypto license" for individuals, businesses dealing with digital assets are registered as regular legal entities and must comply with regulations applicable to financial institutions, including AML/CFT laws and KYC procedures. The FSC's AML/CFT guidelines for financial institutions include specific considerations for virtual assets and Virtual Asset Service Providers (VASPs), highlighting risks associated with anonymity-enhanced cryptocurrencies and the need for customer due diligence.

The Barbados Stock Exchange (BSE) received approval from the FSC in 2019 to launch a Special Listing Facility for Digital Assets on its International Securities Market, indicating a structured approach to certain types of digital asset activities. This facility aims to provide a framework for raising capital via digital assets, treating some initial coin offerings (ICOs) as securities offerings.

In summary, individuals in Barbados can legally engage in retail cryptocurrency trading. However, the environment is moving towards greater regulation. Entities facilitating these activities are subject to AML/CFT and KYC obligations, and the government is actively developing a more comprehensive regulatory framework to ensure investor protection, financial stability, and compliance with international standards.

3. Specific, Relevant Text Excerpts:

  • Gofaizen & Sherle: "The jurisdiction has created a legal but highly regulated environment for the use of cryptocurrencies. The legislation allows digital assets to be handled legally, subject to anti-money laundering (AML), countering the financing of terrorism (CFT), and Know Your Customer (KYC) requirements."
  • Gofaizen & Sherle: "Barbados does not have specific laws aimed solely at regulating cryptocurrencies, so crypto-businesses are subject to general financial and commercial regulations. Companies dealing with digital assets are registered as regular legal entities and are required to comply with the regulations applicable to financial institutions, which include compliance with anti-money laundering (AML) and counter-terrorist financing (CFT) laws."
  • Financial Services Commission (FSC) Presentation (Feb 2023): "Barbados does not have a specific legislative FinTech framework... The FSC will treat new products which have the characteristics of an investment as if they are securities, irrespective of the form or mode of delivery... FSC recognises the absence of overarching legislation which covers FinTech innovation resulting in a lack of protection for consumers."
  • Financial Services Commission (FSC) Presentation (Feb 2023): Regarding the FinTech Advisory Committee (FAC) established in 2022: "Primary objectives are to: Identify opportunities, issues and risks relating to FinTech sector and implications for Barbados. Advise FSC on key challenges unique to the industry. Provide recommendations to address challenges. Provide recommendations regarding any proposed legislative framework to be developed for the regulation/supervision of fintech products."
  • Barbados Revenue Authority: "Barbados is set to implement the CARF framework in 2027, with the first exchange of information scheduled for 2028. This commitment follows Barbados' endorsement of the CARF Joint Statement, published in November 2023, in which the country pledged to implement these reforms in alignment with its international partners."
  • UPay Blog (December 6, 2024): "Cryptocurrencies are legal in Barbados, and individuals can buy and trade without restrictions... There are no specific crypto regulations, but existing financial laws on money laundering and fraud apply."
  • Barbados Today (January 24, 2025): Minister of Economic Affairs and Investments, Chad Blackman, stated, "The Government of Barbados recognises the significant potential of attracting innovative businesses like Tabit Insurance Company, which focuses on digital assets and cryptocurrency... These ventures align with our strategic vision to position Barbados as a global hub for fintech innovation whilst diversifying our economy and creating new growth opportunities." He also listed "a strong regulatory framework for digital assets" as one of the measures being implemented.
  • FSC AML CFT Guidelines - Revised October 2021: "Transactions involving more than one type of virtual assets particularly those that provide higher anonymity, such as anonymity enhanced cryptocurrency or privacy coins and despite additional transaction fees... Customers that operate as an unlicensed virtual asset service provider on peer-to-peer exchange website." (Examples of higher-risk scenarios requiring attention).

4. Direct, Accessible URL Links to Specific Sources:

Web Sources (10)

Sources discovered via web search grounding

Search queries used (6)
  • Barbados cryptocurrency regulation retail
  • Central Bank of Barbados cryptocurrency policy
  • Financial Services Commission Barbados crypto assets
  • Barbados AML CFT cryptocurrency regulations
  • Barbados digital asset framework
  • retail crypto trading legality Barbados 2024 2025
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