Jamaica

Retail_Trading_Status

Allowed-Regulated High Confidence

Status Changed

Previous status: Allowed-Unregulated

Reconciled from live analysis after human review confirmed status as Allowed-Regulated. Original new analysis incorrectly classified as Allowed-UnRegulated. The live analysis establishes that retail trading is permitted and regulated through the FSC's registration framework and existing financial laws, including AML/KYC requirements. The latest analysis provided new factual information, such as the pending VASP Bill and banking challenges, which are incorporated to provide a more complete and current picture, but the core status remains Allowed-Regulated as per the source of truth.

Analysis ID: #855
Version: Latest
Created: 2025-12-13 07:08
Run: 5684c132...
History: View all versions
Workflow Stage: Reconciled

Executive Summary

Retail cryptocurrency trading is legally permitted in Jamaica, subject to existing financial regulations and an active registration framework for service providers. The Bank of Jamaica (BOJ) and the Financial Services Commission (FSC) are the primary regulators. The FSC requires digital asset service providers to register and comply with enhanced AML/KYC procedures. Jamaica is also developing its own Central Bank Digital Currency (CBDC), JAM-DEX, distinct from private cryptocurrencies. A comprehensive Virtual Assets Service Provider (VASP) Bill is programmed for passage in the 2025/26 fiscal year, which will further formalize the licensing regime. The BOJ maintains a cautionary stance, warning that cryptocurrencies are not legal tender and carry significant risks.

Key Pillars

The primary regulators are the Bank of Jamaica (BOJ) and the Financial Services Commission (FSC). Cryptocurrency activities are governed by existing financial laws, including the Securities Act, Bank of Jamaica Act, Banking Services Act, and Payment, Clearing, and Settlement Act (PCSA). Core compliance requirements include enhanced Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) procedures and Know Your Customer (KYC) obligations. Entities providing digital asset services must register with the FSC. A Fintech Regulatory Sandbox managed by the BOJ allows for testing of financial innovations, including digital assets. The pending Virtual Assets Service Provider (VASP) Bill is expected to establish a formal licensing regime.

Landmark Laws

Securities Act: Applicable depending on the nature and use of the specific cryptocurrency. Bank of Jamaica Act: Applicable depending on the nature and use of the specific cryptocurrency. Banking Services Act: Applicable depending on the nature and use of the specific cryptocurrency. Payment, Clearing, and Settlement Act (PCSA): Applicable depending on the nature and use of the specific cryptocurrency. Financial Services Commission Advisory (SR-ADVI-19/12-0010 & SR-ADVI-2023/11-0013): Requires digital asset service providers in or from Jamaica to be registered with the FSC. Includes requirements for securities dealers offering digital assets, mandating Risk Management and Compliance Policies, enhanced AML/CFT procedures, and client risk declarations. Proceeds of Crime Act (POCA) (Enacted: 2007-05-30): The primary AML/CFT legislation, with general provisions covering illicit crypto transactions. Bank of Jamaica (Amendment) Act, 2022 (Enacted: 2022-06-14): Amended the BOJ Act to recognize 'Central Bank Digital Currency' (JAM-DEX) as legal tender. Virtual Assets Service Provider (VASP) Bill (Pending, programmed for passage in 2025/26 fiscal year): Proposed legislation to establish a licensing and supervisory framework for virtual asset service providers in line with FATF Recommendation 15.

Considerations

Cryptocurrencies are not considered legal tender in Jamaica. The Bank of Jamaica (BOJ) has issued repeated cautions regarding the risks of using or investing in cryptocurrencies, including volatility, potential for use in illicit activities, and cybersecurity threats. Individuals engaging in cryptocurrency activities do so at their own risk. The development of JAM-DEX, Jamaica's CBDC, is a separate initiative from the regulation of private cryptocurrencies. Jamaican banks are often risk-averse regarding crypto transactions, which can create practical hurdles for fiat-to-crypto conversion. The regulatory environment is in transition with the upcoming VASP Bill, which is expected to move the sector into a more formalized regulated space. Capital gains tax applies to profits from cryptocurrency trading.

Notes

In 2018, the Jamaica Stock Exchange (JSE) declared its intentions to offer cryptocurrencies on Jamaica's stock market. The Bank of Jamaica's AML/CFT policy provides a general framework for financial institutions that extends to entities dealing with digital assets. The FSC's digital asset framework explicitly mandates enhanced AML/CFT procedures for registered digital asset service providers. Jamaica has been working to improve its AML/CFT framework in line with Financial Action Task Force (FATF) recommendations. Bank of Jamaica (July 2021) issued a reminder to the public of the potential risks of using or investing in cryptocurrencies. Jamaica Information Service (June 2022, quoting BOJ Governor Richard Byles) indicated cryptocurrencies were not sufficiently stable to be a good means of payment. The distinction between the 'JAM-DEX' CBDC and private crypto is critical. The government promotes JAM-DEX heavily while warning against Bitcoin. The regulatory landscape is poised for a major shift in 2025/26 with the VASP Bill.

Remaining Uncertainties

The exact enactment date of the VASP Bill within the 2025/26 fiscal year.
Whether the FSC is currently enforcing any registration requirements for non-security tokens under general powers before the VASP Bill passes.
The extent of local banking support for crypto transactions (de-risking severity).

Detailed Explanation

Retail cryptocurrency trading is legally permitted in Jamaica under a regulated framework. The country maintains an allowed but strictly regulated approach to cryptocurrency activities, with the Bank of Jamaica (BOJ) and the Financial Services Commission (FSC) serving as the primary regulatory authorities. Jamaica's regulatory framework operates under existing financial legislation including the Securities Act, Bank of Jamaica Act, Banking Services Act, and Payment, Clearing, and Settlement Act (PCSA), with applicability depending on the nature and use of specific cryptocurrencies. The FSC requires digital asset service providers to register and comply with enhanced Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) procedures and Know Your Customer (KYC) obligations. The regulatory environment is currently in transition, with a comprehensive Virtual Assets Service Provider (VASP) Bill programmed for passage in the 2025/26 fiscal year, which will establish a formal licensing regime for virtual asset service providers in line with FATF Recommendation 15. Jamaica is simultaneously developing its own Central Bank Digital Currency called JAM-DEX, which is distinct from private cryptocurrencies and was recognized as legal tender through the Bank of Jamaica (Amendment) Act enacted on June 14, 2022. The BOJ maintains a cautious stance toward private cryptocurrencies, repeatedly warning that they are not legal tender and carry significant risks including volatility, potential for illicit activities, and cybersecurity threats. The regulatory framework is supported by the Proceeds of Crime Act (POCA) enacted on May 30, 2007, which serves as the primary AML/CFT legislation with provisions covering illicit crypto transactions. The Bank of Jamaica also operates a Fintech Regulatory Sandbox that allows for testing of financial innovations including digital assets. Capital gains tax applies to profits from cryptocurrency trading, and Jamaican banks often exhibit risk-averse behavior toward crypto transactions, creating practical challenges for fiat-to-crypto conversion.

Summary Points

I. Regulatory Status
* Retail cryptocurrency trading is legally permitted and regulated
* Virtual Assets Service Provider (VASP) Bill pending for 2025/26 fiscal year
* JAM-DEX CBDC recognized as legal tender, distinct from private cryptocurrencies
* Bank of Jamaica maintains cautionary stance on private cryptocurrencies

II. Key Regulatory Bodies
* Bank of Jamaica (BOJ) - primary regulator
* Financial Services Commission (FSC) - primary regulator
* Manages Fintech Regulatory Sandbox for testing digital assets

III. Important Legislation
* Securities Act - applicable depending on cryptocurrency nature and use
* Bank of Jamaica Act - applicable depending on cryptocurrency nature and use
* Banking Services Act - applicable depending on cryptocurrency nature and use
* Payment, Clearing, and Settlement Act (PCSA) - applicable depending on cryptocurrency nature and use
* Financial Services Commission Advisory (SR-ADVI-19/12-0010 & SR-ADVI-2023/11-0013) - requires digital asset service provider registration
* Proceeds of Crime Act (POCA) (Enacted: 2007-05-30) - primary AML/CFT legislation
* Bank of Jamaica (Amendment) Act, 2022 (Enacted: 2022-06-14) - recognizes JAM-DEX CBDC as legal tender
* Virtual Assets Service Provider (VASP) Bill (Pending) - programmed for 2025/26 passage

IV. Compliance Requirements
* Digital asset service providers must register with FSC
* Enhanced AML/CFT procedures mandatory
* Know Your Customer (KYC) obligations required
* Risk Management and Compliance Policies for securities dealers offering digital assets
* Client risk declarations mandated

V. Notable Restrictions or Limitations
* Cryptocurrencies are not legal tender in Jamaica
* Bank of Jamaica issues repeated warnings about cryptocurrency risks
* Jamaican banks often risk-averse regarding crypto transactions
* Capital gains tax applies to cryptocurrency trading profits
* Practical hurdles for fiat-to-crypto conversion exist

VI. Recent Developments or Notes
* Jamaica Stock Exchange (2018) declared intentions to offer cryptocurrencies
* Bank of Jamaica (July 2021) reminded public of cryptocurrency risks
* Jamaica Information Service (June 2022) quoted BOJ Governor stating cryptocurrencies insufficiently stable for payments
* Government promotes JAM-DEX CBDC while warning against Bitcoin
* Regulatory landscape expected to shift significantly with 2025/26 VASP Bill

Full Analysis Report

Report on Retail Cryptocurrency Trading Status in Jamaica

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

Detailed Narrative Explanation:

Individual citizens and residents in Jamaica are legally permitted to buy, sell, and hold cryptocurrencies. While there is no specific, overarching legislation solely dedicated to cryptocurrencies, the activity falls under the purview of existing financial laws and regulations, and regulatory bodies are actively working on a more comprehensive framework. The Bank of Jamaica (BOJ) and the Financial Services Commission (FSC) are the primary entities whose mandates cover aspects of cryptocurrency trading.

Historically, Jamaican regulators initially approached cryptocurrencies with caution, issuing warnings about their volatility and risks. However, the stance has evolved towards acknowledging their existence and potential, alongside the development of Jamaica's own Central Bank Digital Currency (CBDC), known as JAM-DEX, which is distinct from decentralized cryptocurrencies and is legal tender under the Bank of Jamaica (Amendment) Act, 2022.

The legality of retail cryptocurrency trading is affirmed by multiple sources, stating that it is not explicitly prohibited. Instead, existing laws such as the Securities Act, the Bank of Jamaica Act, the Banking Services Act, and the Payment, Clearing, and Settlement Act (PCSA) are considered applicable depending on the nature and use of the specific cryptocurrency. This means that while individuals can trade, the platforms and instruments they use are subject to these existing financial regulations and specific registration requirements.

The Financial Services Commission (FSC) has taken steps to regulate digital asset services. An FSC Advisory on the "Requirements for the Digital Asset Framework" (SR-ADVI-19/12-0010 & SR-ADVI-2023/11-0013) outlines that entities providing digital asset services in or from Jamaica must be registered with the FSC. This framework includes requirements for securities dealers intending to offer digital assets or digital currencies on behalf of their clients. These dealers must seek FSC approval and implement robust Risk Management and Compliance Policies, including enhanced Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) procedures. They are also required to ensure clients sign a declaration acknowledging the risks associated with digital asset trading.

This indicates a regulated environment where consumer protection and financial stability are key concerns. The Jamaica Stock Exchange (JSE) has also shown intent to facilitate cryptocurrency trading in a regulated manner, aiming to be among the first stock exchanges globally to offer such services.

AML/CFT requirements are a significant aspect of the regulatory approach. Jamaica has been working to improve its AML/CFT framework in line with Financial Action Task Force (FATF) recommendations. The BOJ's AML/CFT policy provides a general framework for financial institutions that would extend to entities dealing with digital assets. The FSC's digital asset framework explicitly mandates enhanced AML/CFT procedures for registered digital asset service providers. This includes Know Your Customer (KYC) obligations. The Proceeds of Crime Act (POCA) is the primary AML/CFT legislation, and its general provisions on 'property' and 'criminal property' cover illicit crypto transactions.

While the Bank of Jamaica does not regulate or supervise private cryptocurrencies directly in the same way it does legal tender, it has issued cautions to the public regarding the risks involved, such as volatility, potential for use in illicit activities, and cybersecurity threats. These warnings emphasize that individuals engage in cryptocurrency activities at their own risk. The BOJ has repeatedly stated that cryptocurrencies are not legal tender.

A significant upcoming development is the Virtual Assets Service Provider (VASP) Bill, which is programmed for passage in the 2025/26 fiscal year. This bill is expected to establish a formal licensing and supervisory framework for VASPs, in line with FATF Recommendation 15. Until this bill is enacted, the sector operates under the existing FSC registration framework and general AML/CFT laws. The Fintech Regulatory Sandbox managed by the BOJ allows for the testing of financial innovations, including digital assets.

In summary, retail cryptocurrency trading is permitted in Jamaica within a regulated environment defined by existing laws, FSC registration, and AML/KYC requirements, with further formalization expected via the VASP Bill. The Bank of Jamaica maintains a cautionary stance, advising public awareness of the associated risks, even as the country explores digital financial innovation through its CBDC.

Specific, Relevant Text Excerpts:

Freeman Law: "In Jamaica, cryptocurrency is not explicitly prohibited because it is not specifically addressed in Jamaica's legislative framework. Nevertheless, cryptocurrency is probably regulated by the general legal framework of Jamaica. Although there is no cryptocurrency-specific legislation, virtual currencies are likely regulated by Jamaica's existing banking and securities regulations."
Freeman Law on JSE: "In 2018, the Jamaica Stock Exchange (JSE) declared its intentions to offer cryptocurrencies on Jamaica's stock market. Accordingly, Jamaica is among the first stock exchanges worldwide to allow cryptocurrency trading on their stock exchange and is one of the first countries to offer cryptocurrency trading in a regulated and secured environment."
**UPay Blog (citing a 2024-12-01 source, likely referring to information available up to that point): "Adoption Status: Cryptocurrency is legal in Jamaica, meaning people can buy, sell, and use it. However, it's not considered legal tender, so it's not officially accepted as a form of payment like the Jamaican dollar."
**UPay Blog (citing a 2024-12-01 source): "While there's no specific law for cryptocurrencies in Jamaica, virtual currencies are mostly covered by the country's existing banking and securities regulations. These include the Securities Act, the Bank of Jamaica Act, the Banking Services Act, and the Payment, Clearing, and Settlement Act (PCSA). As a result, cryptocurrencies are generally under the oversight of Jamaica's security regulators and the Bank of Jamaica (BoJ)."
CEX.IO: "Yes, it is legal to buy crypto and Bitcoin in Jamaica. While no specific Jamaican legislation regulates cryptocurrencies, there is also no explicit prohibition against buying, selling, or trading them for Jamaican residents."
**Financial Services Commission Advisory (SR-ADVI-19/12-0010 & SR-ADVI-2023/11-0013): "No person shall provide, or hold itself out as providing, a digital asset service in or from within Jamaica unless such a person is in possession of a valid registration to conduct such business by the FSC."
Financial Services Commission Advisory (SR-ADVI-19/12-0010 & SR-ADVI-2023/11-0013) on Securities Dealers: "Each securities dealer who intends to offer digital assets or digital currencies on behalf its clients is required to receive approval from the FSC prior to engaging in this service. The securities dealer will be required to submit... Risk Management and Compliance Policies addressing digital asset and currency trading. These policies should address at a minimum: enhanced AML/CFT procedures and controls..."
Bank of Jamaica (July 2021): "Bank of Jamaica (the Bank) is reminding the public of the potential risks of using or investing in cryptocurrencies... Cryptocurrencies are digital currencies that are not issued or guaranteed by a central bank or a monetary authority. In addition, cryptocurrencies are not legal tender in Jamaica. Bank of Jamaica does not regulate or supervise these forms of digital currencies... The public should be mindful that individuals engaged in the use of cryptocurrencies are doing so at their own risk and are urged to conduct appropriate due diligence."
Jamaica Information Service (June 2022, quoting BOJ Governor Richard Byles): "So, if you're, hopefully, a sophisticated investor [who] can understand cryptocurrency, go ahead and use it. But we don't see it as a currency that is good for transactions and for making payments."
Jamaica Information Service (March 2025): "The Virtual Assets Service Provider (VASP) Bill is being programmed for passage in Parliament during fiscal year 2025/26, signalling Jamaica's commitment to financial integrity."
Bank of Jamaica (Amendment) Act, 2022: "Insertion of new section 45B... 'central bank digital currency' means a digital form of currency... that is legal tender."
Proceeds of Crime Act (POCA): The primary AML/CFT legislation, with general provisions covering illicit crypto transactions.

Direct, Accessible URL Links to Specific Sources:

## Report on Retail Cryptocurrency Trading Status in Jamaica

**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**

---

**Detailed Narrative Explanation:**

Individual citizens and residents in Jamaica are legally permitted to buy, sell, and hold cryptocurrencies. While there is no specific, overarching legislation solely dedicated to cryptocurrencies, the activity falls under the purview of existing financial laws and regulations, and regulatory bodies are actively working on a more comprehensive framework. The Bank of Jamaica (BOJ) and the Financial Services Commission (FSC) are the primary entities whose mandates cover aspects of cryptocurrency trading.

Historically, Jamaican regulators initially approached cryptocurrencies with caution, issuing warnings about their volatility and risks. However, the stance has evolved towards acknowledging their existence and potential, alongside the development of Jamaica's own Central Bank Digital Currency (CBDC), known as JAM-DEX, which is distinct from decentralized cryptocurrencies and is legal tender under the Bank of Jamaica (Amendment) Act, 2022.

The legality of retail cryptocurrency trading is affirmed by multiple sources, stating that it is not explicitly prohibited. Instead, existing laws such as the Securities Act, the Bank of Jamaica Act, the Banking Services Act, and the Payment, Clearing, and Settlement Act (PCSA) are considered applicable depending on the nature and use of the specific cryptocurrency. This means that while individuals can trade, the platforms and instruments they use are subject to these existing financial regulations and specific registration requirements.

The Financial Services Commission (FSC) has taken steps to regulate digital asset services. An FSC Advisory on the "Requirements for the Digital Asset Framework" (SR-ADVI-19/12-0010 & SR-ADVI-2023/11-0013) outlines that entities providing digital asset services in or from Jamaica must be registered with the FSC. This framework includes requirements for securities dealers intending to offer digital assets or digital currencies on behalf of their clients. These dealers must seek FSC approval and implement robust Risk Management and Compliance Policies, including enhanced Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) procedures. They are also required to ensure clients sign a declaration acknowledging the risks associated with digital asset trading.

This indicates a regulated environment where consumer protection and financial stability are key concerns. The Jamaica Stock Exchange (JSE) has also shown intent to facilitate cryptocurrency trading in a regulated manner, aiming to be among the first stock exchanges globally to offer such services.

AML/CFT requirements are a significant aspect of the regulatory approach. Jamaica has been working to improve its AML/CFT framework in line with Financial Action Task Force (FATF) recommendations. The BOJ's AML/CFT policy provides a general framework for financial institutions that would extend to entities dealing with digital assets. The FSC's digital asset framework explicitly mandates enhanced AML/CFT procedures for registered digital asset service providers. This includes Know Your Customer (KYC) obligations. The Proceeds of Crime Act (POCA) is the primary AML/CFT legislation, and its general provisions on 'property' and 'criminal property' cover illicit crypto transactions.

While the Bank of Jamaica does not regulate or supervise private cryptocurrencies directly in the same way it does legal tender, it has issued cautions to the public regarding the risks involved, such as volatility, potential for use in illicit activities, and cybersecurity threats. These warnings emphasize that individuals engage in cryptocurrency activities at their own risk. The BOJ has repeatedly stated that cryptocurrencies are not legal tender.

A significant upcoming development is the Virtual Assets Service Provider (VASP) Bill, which is programmed for passage in the 2025/26 fiscal year. This bill is expected to establish a formal licensing and supervisory framework for VASPs, in line with FATF Recommendation 15. Until this bill is enacted, the sector operates under the existing FSC registration framework and general AML/CFT laws. The Fintech Regulatory Sandbox managed by the BOJ allows for the testing of financial innovations, including digital assets.

In summary, retail cryptocurrency trading is permitted in Jamaica within a regulated environment defined by existing laws, FSC registration, and AML/KYC requirements, with further formalization expected via the VASP Bill. The Bank of Jamaica maintains a cautionary stance, advising public awareness of the associated risks, even as the country explores digital financial innovation through its CBDC.

**Specific, Relevant Text Excerpts:**

*   **Freeman Law:** "In Jamaica, cryptocurrency is not explicitly prohibited because it is not specifically addressed in Jamaica's legislative framework. Nevertheless, cryptocurrency is probably regulated by the general legal framework of Jamaica. Although there is no cryptocurrency-specific legislation, virtual currencies are likely regulated by Jamaica's existing banking and securities regulations."
*   **Freeman Law on JSE:** "In 2018, the Jamaica Stock Exchange (JSE) declared its intentions to offer cryptocurrencies on Jamaica's stock market. Accordingly, Jamaica is among the first stock exchanges worldwide to allow cryptocurrency trading on their stock exchange and is one of the first countries to offer cryptocurrency trading in a regulated and secured environment."
*   **UPay Blog (citing a 2024-12-01 source, likely referring to information available up to that point): "Adoption Status: Cryptocurrency is legal in Jamaica, meaning people can buy, sell, and use it. However, it's not considered legal tender, so it's not officially accepted as a form of payment like the Jamaican dollar."
*   **UPay Blog (citing a 2024-12-01 source): "While there's no specific law for cryptocurrencies in Jamaica, virtual currencies are mostly covered by the country's existing banking and securities regulations. These include the Securities Act, the Bank of Jamaica Act, the Banking Services Act, and the Payment, Clearing, and Settlement Act (PCSA). As a result, cryptocurrencies are generally under the oversight of Jamaica's security regulators and the Bank of Jamaica (BoJ)."
*   **CEX.IO:** "Yes, it is legal to buy crypto and Bitcoin in Jamaica. While no specific Jamaican legislation regulates cryptocurrencies, there is also no explicit prohibition against buying, selling, or trading them for Jamaican residents."
*   **Financial Services Commission Advisory (SR-ADVI-19/12-0010 & SR-ADVI-2023/11-0013): "No person shall provide, or hold itself out as providing, a digital asset service in or from within Jamaica unless such a person is in possession of a valid registration to conduct such business by the FSC."
*   **Financial Services Commission Advisory (SR-ADVI-19/12-0010 & SR-ADVI-2023/11-0013) on Securities Dealers:** "Each securities dealer who intends to offer digital assets or digital currencies on behalf its clients is required to receive approval from the FSC prior to engaging in this service. The securities dealer will be required to submit... Risk Management and Compliance Policies addressing digital asset and currency trading. These policies should address at a minimum: enhanced AML/CFT procedures and controls..."
*   **Bank of Jamaica (July 2021):** "Bank of Jamaica (the Bank) is reminding the public of the potential risks of using or investing in cryptocurrencies... Cryptocurrencies are digital currencies that are not issued or guaranteed by a central bank or a monetary authority. In addition, cryptocurrencies are not legal tender in Jamaica. Bank of Jamaica does not regulate or supervise these forms of digital currencies... The public should be mindful that individuals engaged in the use of cryptocurrencies are doing so at their own risk and are urged to conduct appropriate due diligence."
*   **Jamaica Information Service (June 2022, quoting BOJ Governor Richard Byles):** "So, if you're, hopefully, a sophisticated investor [who] can understand cryptocurrency, go ahead and use it. But we don't see it as a currency that is good for transactions and for making payments."
*   **Jamaica Information Service (March 2025):** "The Virtual Assets Service Provider (VASP) Bill is being programmed for passage in Parliament during fiscal year 2025/26, signalling Jamaica's commitment to financial integrity."
*   **Bank of Jamaica (Amendment) Act, 2022:** "Insertion of new section 45B... 'central bank digital currency' means a digital form of currency... that is legal tender."
*   **Proceeds of Crime Act (POCA):** The primary AML/CFT legislation, with general provisions covering illicit crypto transactions.

**Direct, Accessible URL Links to Specific Sources:**

*   [https://freemanlaw.com/jamaica-and-cryptocurrency/](https://freemanlaw.com/jamaica-and-cryptocurrency/)
*   [https://coincub.com/crypto-exchange/jamaica/](https://coincub.com/crypto-exchange/jamaica/)
*   [https://upay.com/blog/crypto-adoption-around-the-world-jamaica/](https://upay.com/blog/crypto-adoption-around-the-world-jamaica/)
*   [https://cex.io/to/buy-crypto-jamaica](https://cex.io/to/buy-crypto-jamaica)
*   [https://bydfi.com/en-US/blog/what-is-the-role-of-the-financial-services-commission-in-regulating-cryptocurrency-in-jamaica](https://bydfi.com/en-US/blog/what-is-the-role-of-the-financial-services-commission-in-regulating-cryptocurrency-in-jamaica)
*   [https://boj.org.jm/bank-of-jamaica-reminder-caution-on-cryptocurrencies/](https://boj.org.jm/bank-of-jamaica-reminder-caution-on-cryptocurrencies/)
*   [https://www.mfg.com.jm/articles/jamaicas-readiness-for-digital-currency](https://www.mfg.com.jm/articles/jamaicas-readiness-for-digital-currency)
*   [https://www.globalgovernmentfintech.com/jamaica-sets-out-digital-currency-ambitions/](https://www.globalgovernmentfintech.com/jamaica-sets-out-digital-currency-ambitions/)
*   [https://news.bitcoin.com/bank-of-jamaica-governor-cryptocurrency-not-sufficiently-stable-to-be-a-good-means-of-payment/](https://news.bitcoin.com/bank-of-jamaica-governor-cryptocurrency-not-sufficiently-stable-to-be-a-good-means-of-payment/)
*   [https://www.newhedge.com/cryptocurrency-legality-map-chart/](https://www.newhedge.com/cryptocurrency-legality-map-chart/)
*   [https://www.buybitcoinworldwide.com/en/jm/](https://www.buybitcoinworldwide.com/en/jm/)
*   [https://www.globalgovernmentfintech.com/jamaica-to-launch-digital-currency-after-pilot-success/](https://www.globalgovernmentfintech.com/jamaica-to-launch-digital-currency-after-pilot-success/)
*   [https://dunncox.com/articles/cryptocurrencydigital-trading-on-the-road-to-becoming-a-reality-in-jamaica/](https://dunncox.com/articles/cryptocurrencydigital-trading-on-the-road-to-becoming-a-reality-in-jamaica/)
*   [https://kyc.io/jamaica-aml-kyc-regulations/](https://kyc.io/jamaica-aml-kyc-regulations/)
*   [https://jis.gov.jm/persons-cautioned-about-using-cryptocurrencies/](https://jis.gov.jm/persons-cautioned-about-using-cryptocurrencies/)
*   [https://fscjamaica.org/wp-content/uploads/2019/12/ADVISORY-THE-REQUIREMENTS-FOR-THE-DIGITAL-ASSET-FRAMEWORK-SR-ADVI-19-12-0010.pdf](https://fscjamaica.org/wp-content/uploads/2019/12/ADVISORY-THE-REQUIREMENTS-FOR-THE-DIGITAL-ASSET-FRAMEWORK-SR-ADVI-19-12-0010.pdf)
*   [https://shuftipro.com/news/jamaica-shows-significant-progress-in-anti-money-laundering-compliance/](https://shuftipro.com/news/jamaica-shows-significant-progress-in-anti-money-laundering-compliance/)
*   [https://fscjamaica.org/wp-content/uploads/2023/11/ADVISORY-THE-REQUIREMENTS-FOR-THE-DIGITAL-ASSETS-FRAMEWORK-SR-ADVI-2023-11-0013.pdf](https://fscjamaica.org/wp-content/uploads/2023/11/ADVISORY-THE-REQUIREMENTS-FOR-THE-DIGITAL-ASSETS-FRAMEWORK-SR-ADVI-2023-11-0013.pdf)
*   [https://boj.org.jm/wp-content/uploads/2021/09/BOJ-AML-POLICY.pdf](https://boj.org.jm/wp-content/uploads/2021/09/BOJ-AML-POLICY.pdf)
*   [https://jis.gov.jm/govt-programming-passage-of-virtual-assets-service-provider-bill-in-2025-26/](https://jis.gov.jm/govt-programming-passage-of-virtual-assets-service-provider-bill-in-2025-26/)
*   [https://boj.org.jm/wp-content/uploads/2022/06/Bank-of-Jamaica-Amendment-Act-2022.pdf](https://boj.org.jm/wp-content/uploads/2022/06/Bank-of-Jamaica-Amendment-Act-2022.pdf)
*   [https://moj.gov.jm/sites/default/files/laws/Proceeds%20of%20Crime%20Act.pdf](https://moj.gov.jm/sites/default/files/laws/Proceeds%20of%20Crime%20Act.pdf)
*   [https://fscjamaica.org/sites/default/files/laws/Securities%20Act.pdf](https://fscjamaica.org/sites/default/files/laws/Securities%20Act.pdf)

Source Evidence

Primary and secondary sources cited in this analysis

Gov't Programming Passage of Virtual Assets Service Provider Bill in 2025/26 primary (official_government)

2025-03-13

"The Virtual Assets Service Provider (VASP) Bill is being programmed for passage in Parliament during fiscal year 2025/26, signalling Jamaica's commitment to financial integrity."

Bank of Jamaica Reminder Caution on Cryptocurrencies primary (regulator)

2021-07-09

"Cryptocurrencies are digital currencies that are not issued or guaranteed by a central bank... Bank of Jamaica does not regulate or supervise these forms of digital currencies."

Bank of Jamaica (Amendment) Act, 2022 primary (law_text)

2022-06-14

"Insertion of new section 45B... 'central bank digital currency' means a digital form of currency... that is legal tender"

FSC Advisory: Requirements for the Digital Asset Framework (Cached/Reference) primary (regulator)

2022-07-27

"All Issuers of Digital Assets are required to register with the FSC pursuant to the requirements as described in the Guidelines for Issuers of Securities."

Best Crypto Exchange Jamaica: Regulated, Legal, Lowest Fee 2025 secondary (analysis)

2025-01-01

"Jamaica still has a light regime, but the Government has now programmed the Virtual Assets Service Provider (VASP) Bill for passage in 2025/26"

Is Crypto Legal In Jamaica? | MEXC Wiki secondary (analysis)

2025-01-01

"As of 2025, cryptocurrencies are not officially recognized as legal tender in Jamaica. However, their use in transactions and trading is not prohibited"

Jamaica and Cryptocurrency secondary (analysis)

"In Jamaica, cryptocurrency is not explicitly prohibited because it is not specifically addressed in Jamaica's legislative framework. Nevertheless, cryptocurrency is probably regulated by the general legal framework of Jamaica."

Crypto Adoption Around the World: Jamaica secondary (analysis)

2024-12-01

"Adoption Status: Cryptocurrency is legal in Jamaica, meaning people can buy, sell, and use it. However, it's not considered legal tender, so it's not officially accepted as a form of payment like the Jamaican dollar."

Buy Crypto in Jamaica secondary (analysis)

"Yes, it is legal to buy crypto and Bitcoin in Jamaica. While no specific Jamaican legislation regulates cryptocurrencies, there is also no explicit prohibition against buying, selling, or trading them for Jamaican residents."

FSC Advisory: Requirements for the Digital Asset Framework (SR-ADVI-19/12-0010 & SR-ADVI-2023/11-0013) primary (regulator)

2023-11-01

"No person shall provide, or hold itself out as providing, a digital asset service in or from within Jamaica unless such a person is in possession of a valid registration to conduct such business by the FSC."

Proceeds of Crime Act (POCA) primary (law_text)

2007-05-30

"The primary AML/CFT legislation, with general provisions covering illicit crypto transactions."

Securities Act primary (law_text)

"Governs the issuance and trading of securities. The FSC applies this act to any virtual asset that exhibits the characteristics of a security."

Web Sources (2)

Sources discovered via web search grounding

Search queries used (8)

Bank of Jamaica caution on cryptocurrencies
Is buying bitcoin legal in Jamaica
Jamaica VASP legislation status
Financial Services Commission Jamaica virtual assets guidelines
Bank of Jamaica cryptocurrency regulation status 2024 2025
Are crypto exchanges licensed in Jamaica
"Bank of Jamaica" "virtual asset" regulation
Jamaica Proceeds of Crime Act virtual assets amendment

coincub.com

https://coincub.com/countries/jamaica/

mexc.com

https://blog.mexc.com/wiki/are-there-any-taxes-for-crypto-in-jamaica/

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