By Aaron Humes: A Bill for an Act to amend the Financial Services Commission Act, Act No. 8 of 2023, to provide for the grant of a special license for trading in virtual assets and other similar activities and operations; and to provide for matters connected therewith or incidental thereto was introduced in Thursday’s meeting of the House of Representatives.
Prime Minister and Minister of Finance John Briceño, in introducing the Bill, reminded that when the original Act was passed in 2023, there was a temporary prohibition on virtual assets activities. At the time, the risks were high, international standards were still evolving, and the global market was unstable and so this was the right thing to do at the time, and “has served us well,” he contended, as it allowed the FSC to build capacity, strengthen supervision, conduct risk assessments and align our systems with international standards – proper preparation “for what comes next.”
But the world is being reshaped by digitized finance, and Belize “cannot afford to sit this out,” he said. The FSC will now begin issuing special, carefully controlled licenses to those who meet the strict requirements and international standards by the end of the year. Any such license issued must transit to a full license by the end of 2027, pending a comprehensive permanent legislative framework for digital assets to be brought to the House in due course.
The Bill was referred to the House’s Finance and Economic Development Committee.
The post Financial Services Commission (Amendment) Bill introduced; Prime Minister says Belize is open for ‘responsible innovation and high-quality investment’ appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Aaron Humes: A Bill for an Act to amend the Financial Services Commission Act, Act No. 8 of 2023, to provide for the grant of a special license for trading in virtual assets and other similar activities and operations; and to provide for matters connected therewith or incidental thereto was introduced in Thursday’s meeting
The post Financial Services Commission (Amendment) Bill introduced; Prime Minister says Belize is open for ‘responsible innovation and high-quality investment’ appeared first on Belize News and Opinion on www.breakingbelizenews.com.