According to CoinMeta, the Jamaican House of Representatives began deliberating on a bill for virtual asset service providers on September 22, aiming to establish a licensing and regulatory framework for cryptocurrency exchanges and related service providers. Operating without a license will constitute a criminal offense under the regulations of the Jamaica Consumer Commission. Licensed institutions are required to fulfill obligations such as customer identity verification and transaction monitoring. Jamaica's Finance Minister stated that the license only regulates the operations of these entities and does not constitute official recognition or guarantee of digital assets. The Jamaican dollar remains the country's sole legal tender, and authorities will be authorized to grant licenses, supervise, and shut down non-compliant businesses.