The Legislative Landscape of Cryptocurrencies in Antigua and Barbuda

As of the period leading up to 2024, Antigua and Barbuda presented a unique and evolving landscape in terms of cryptocurrency legislation. The country, located in the Caribbean, demonstrated a proactive approach to integrating cryptocurrencies into its financial and legal frameworks, although it did not have any legislation that specifically regulated the use of cryptocurrency as of early 2023​

​The Digital Assets Business Act

A pivotal moment in the country’s approach to cryptocurrency regulation was the introduction and implementation of the Digital Assets Business Act. This act, along with its accompanying regulations, was introduced as a comprehensive and flexible legal and licensing framework. Its focus was on regulating blockchain, cryptocurrencies, and digital token/assets projects and businesses within Antigua and Barbuda. The act fully entered into force in May 2021 and quickly garnered interest from many blockchain and digital business startups, as well as established enterprises​

​The Digital Assets Business Bill of 2020

Further solidifying the country’s position in the cryptocurrency domain was the passage of the Digital Assets Business Bill of 2020. Officially becoming law on June 18, 2020, this act governed various aspects of digital asset business operations in Antigua and Barbuda. It outlined the conditions under which a person or entity could carry on digital asset business within the nation​

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This bill represented a significant step towards making Antigua and Barbuda a digital asset-friendly destination. Passed by the House of Representatives on May 27, 2020, it indicated the country’s commitment to becoming a key player in the digital asset arena in the Caribbean region​

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​Conclusion

The legislative landscape in Antigua and Barbuda, as it pertained to cryptocurrencies prior to 2024, was marked by an evident willingness to embrace new financial technologies and integrate them into the country’s economic framework. The Digital Assets Business Act and the Digital Assets Business Bill of 2020 were central to this approach, laying the groundwork for a regulated yet progressive environment for digital assets and cryptocurrencies. While not having specific laws for the use of cryptocurrencies initially, the country’s move to draft and implement such comprehensive legislation showcased its foresight and adaptability in the face of emerging financial technologies.