The Fintech Association of Trinidad and Tobago (FintechTT) today announces the establishment of a Virtual Assets Working Group (VAWG). This Working Group brings together leading builders, innovators, and legal experts across the blockchain and fintech ecosystem, unified by a shared commitment to shaping a regulatory environment that is both responsible and innovation-friendly.
The impetus for this initiative arises from the recently tabled Virtual Assets and Virtual Asset Service Providers Bill, 2025. While we acknowledge and respect the Government’s efforts to give effect to the Financial Action Task Force (FATF) Recommendations 15 and 16, and in so doing prohibit bad actors and protect consumers, the Bill, as it stands, risks treating bona fide businesses and questionable enterprises as one and the same. Inadvertently, the Bill will stifle innovation and discourage hard-working entrepreneurs who are trying to solve the financial hardships faced by the population and small businesses. If the Bill continues in its present form, we believe it will only exacerbate these financial hardships, increase social tension and drive the industry underground.
FintechTT and the Virtual Asset Working Group will therefore:
- In the short-term (i)engage with legislators and policymakers to draft amendments to make a clear distinction between the use of virtual assets for investment and non-investment activities, and (ii) provide feedback for non-investment activities to be carried out under a regulatory guidance framework.
- In the medium to long term, broaden the participation of industry stakeholders to advance collective and inclusive amendments.
- Advocate for proportionate and innovation-friendly regulatory instruments that protect consumers without halting growth.
- Recommend data collection mechanisms to provide regulators with information to size and understand the market dynamics that will inform the crafting of a more comprehensive bill.
- Educate the wider society on the operational benefits of bonafide Virtual Asset Service Providers (VASPs) and their role in expanding access to financial services, remittances, and entrepreneurial opportunities.
Several countries, including the United States of America and The Bahamas, have already enacted comprehensive legislation. Trinidad and Tobago can draw on these examples to develop a more enabling regulatory framework.
We believe that thoughtful engagement and sensitization, transparent dialogue, and evidence-based policy can position Trinidad and Tobago as a leader in responsible innovation. FinTechTT stands ready to work collaboratively with the Government, regulators, and Parliament to ensure that the proposed legislation both safeguards the public interest and enables our nation’s digital and financial future.
