Mallalieu warns foreign rules may not suit Barbados

Senator Andrew Mallalieu has warned against automatically adopting overseas regulatory requirements, saying some international standards might not be appropriate for Barbados and urging the country to retain its sovereignty when implementing legislation.

He rose to debate the Virtual Asset Service Providers Bill, 2026 in the Upper House on Wednesday, questioning the removal of the 20 per cent threshold used to determine beneficial ownership and calling for a risk-based approach to regulation.

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Mallalieu said Section 21 of the bill removed the previous threshold, changing the definition of a beneficial owner to someone who ultimately owned or controlled a legal person.