Straughn urges checks on online financial platforms

Barbadians risk losing their money to fraudulent online financial platforms unless they check the providers’ credentials, Finance Minister Ryan Straughn warned as he tabled legislation to regulate virtual asset services.

Straughn brought the Virtual Assets Service Providers Bill before the House of Assembly on Tuesday. It is intended to give consumers greater protection while providing regulators and law enforcement with the tools to tackle digital fraud, he said.

“As we continue to see the financial market evolve, it is clearly necessary that we bring legislation that will give greater certainty to the public,” Straughn told lawmakers.