The Dominica government has defended its decision to pass the Virtual Asset Business legislation saying the emergence of virtual assets regionally and globally has generated growi8ng public interest and diverse legislative responses.
“A virtual asset is a digital representation of value that can be traded or transferred digitally. Virtual assets can be used for making payments or investments,” said Dominica’s Planning and Economic Development, Dr. Vince Henderson told Parliament on Monday night.
He said crypto currencies such as Bitcoin are examples of virtual assets and that “although the trading or transfer of virtual assets do not currently pose a material risk to financial stability in Dominica, their government has recognised the need to put the necessary regulatory framework in place”.
He said this will ensure vigilant monitoring of this new rapidly developing and potentially disruptive financial instrument.