Jamaica advances first cryptocurrency rules as FSC consultation nears close

Jamaica is moving closer to its first set of rules for cryptocurrencies and other virtual assets, with the Financial Services Commission (FSC) collecting final public comments before the consultation period ends.

The regulator began a month-long review on 10 June as part of the government's plan to establish a formal framework for digital assets. It estimates the local market is now worth about US$2.1 billion, a sign of how far virtual currencies and related products have spread into investment and financial services.

Virtual assets, including Bitcoin, Ethereum, and stablecoins, can be used for payments, trading, and investment. Unlike traditional currencies, they are not issued or backed by central banks. The FSC says the proposed framework is meant to encourage innovation while protecting the wider financial system. Draft measures include licensing requirements for sector operators, business conduct standards, and steps to tackle money laundering, terrorist financing, and the financing of weapons proliferation. The commission is urging businesses, investors, and other stakeholders to submit comments before the deadline passes.

In separate figures, the FSC says more Jamaicans are opening individual retirement accounts as self-employment and contract work become more common. Membership in approved retirement individual schemes has risen by more than 1,000% over the past 14 years, climbing from just under 8,000 in 2010 to more than 90,000 last year. Those schemes held 90.7 billion dollars in assets at the end of last year. Membership in traditional pension funds grew by 26% to nearly 85,000, even as the number of pension plans fell. Those funds still managed 755 billion dollars in assets at the end of 2025.

On the Jamaica Stock Exchange, the main index gained 576 points, while the junior market index fell by five points. Among the gainers were Jamaica Public Service, up 7%, along with The Lab, Express Catering, Radio Jamaica, and Kingston Properties. Decliners included Productive Business Solution US dollar shares, Palace Amusement, One on One Educational Services, West Indies Petroleum Terminal, and Omni Industries. Seventeen stocks ended the session higher.

At the close of foreign-exchange trading, banks and cambios were selling the US dollar at an average of 159 dollars and 76 cents. The Canadian dollar averaged 112 dollars and 37 cents, the pound 213 dollars and 96 cents, and the euro 181 dollars and 82 cents.