St Kitts legalized The Use Of Virtual Currency Through A New Bill

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
  • The island country of Saint Kitts and Nevis, which is located in the West Indies, passed a bill which has made Bitcoin and other such assets legal.
  • The two island nations are a part of the commonwealth realm, and the decision to legalize Bitcoin is not something new for commonwealth countries.
  • A Bitcoin.com executive commented on this bill by stating that most of the cars in St. Kitts are bought from Japan.

Recently, the island country of Saint Kitts and Nevis, which is located in the West Indies, passed a bill which has made Bitcoin and other such assets legal. The Virtual Asset Bill 2020 passed to provide regulation on cryptocurrencies for the businesses as well as residents of the country.

The two island nations are a part of the commonwealth realm, and the decision to legalize Bitcoin is not something new for commonwealth countries. In 2018, Antigua also passed a bill legalizing the use of Bitcoin as legal tender.

In a press conference, Prime Minister Dr. Timothy Harris said that the new bill had been passed to “ensure that each provider participating in virtual asset services in the Federation are subjected to registration and the supervisory regime.”

According to the Prime Minister, the new bill would allow for compliance with the pre-existing Anti-Money Laundering/Combating the Financing of Terrorism laws in the country. By extension, it will also follow the standards that are mentioned by the Financial Action Task Force (FATF).

The bill permits the business and citizens to:

  • Do a legal exchange between fiat currency and the digital currency.
  • Perform an exchange between various kinds of digital assets.
  • Perform a transfer of a virtual asset whether or not for value.
  • Do a safekeeping or administration of a virtual asset or a means to provide control over a digital asset.
  • Participate in and provision of financial services that are related to issuing or selling of a virtual asset.

St. Kitts and Nevis are becoming a popular choice for people who are looking to get a second citizenship. They allow citizenship by investments since 1984, and it can be obtained by means of a donation or through the purchase of a real estate.

The country is also quite popular for its generous tax laws. A Bitcoin.com executive commented on this bill by stating that most of the cars in St. Kitts are bought from Japan.

Now, with the legalization of virtual currency, a person can purchase a car instantly without a need to pay a hefty fee as compared to the traditional means of a wire. Purchase through a wire used to take several days to confirm, and they charged a fee to process the payment.

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