WILLEMSTAD - Cryptocurrency providers may in the future come under the supervision of the Central Bank of Curaçao and Sint Maarten (CBCS). The CBCS would have already presented draft legislation to the then Minister of Finance in December 2020.
Currently there is no legal provision for cryptocurrencies. The CBCS recently announced that the CuraDai currency is not under its supervision. As soon as the legislation in Curaçao and Sint Maarten is adopted, the crypto companies will have to report to the Central Bank.
“Technological innovation and digitization create opportunities for new and improved services, but also entail new risks,” the CBCS indicated. The bank monitors developments and calls on consumers on the islands to pay close attention.
The draft national ordinance for payments consists of four separate acts, including the supervision of payment systems, the supervision of payment institutions and electronic money institutions, the supervision of managers of financial market infrastructures and the supervision of virtual asset service providers.
According to the CBCS, all institutions that issue and/or trade in cryptocurrencies will come under the supervision of the Central Bank as soon as the legislation comes into effect.