New Bill targets unlawful crypto use

According to Barbados Nation, Criminals who use cryptocurrency or any other digital platforms to hide the proceeds of crime will find fewer places to hide under new legislation, Attorney General Wilfred Abrahams told the House of Assembly on Tuesday. He also said Barbados’ standing in the global financial system depends on proving the law is actually used. The veteran attorney made the revelation while debating the Virtual Asset Service Providers Bill, 2026, noting that virtual assets have become a favoured tool of criminals seeking to bypass the traditional banking sector and the scrutiny that comes with it. He explained that virtual assets can be traded or moved across borders like money, without passing through banks, central banks or the official financial sector. Using the example of bitcoin, he said such assets can be exchanged “as if it was money but is not money”. Comparison He compared them to old bearer bon