Barbados Introduces Virtual Asset Service Providers Bill Amid Online Investment Scam Warnings

Finance Minister Ryan Straughn has introduced the Virtual Assets Service Providers Bill to require anyone offering virtual asset services in Barbados to be licensed by the Financial Services Commission, aiming to curb scams and protect consumers. He warned Barbadians to verify platforms before investing, and said the law would help Barbados work with regional and international agencies against digital fraud.

Finance Minister Ryan Straughn warned Barbadians against online investment schemes promising fast, unrealistic returns, urging them to check that firms are properly licensed before investing. He said scams often go unreported because victims feel embarrassed, making recovery harder, while the Virtual Assets Provider Bill 2026 aims to regulate virtual asset service providers.

Barbados is gearing up for its fifth mutual evaluation on money laundering and terrorist financing, and Attorney General Wilfred Abrahams says the country must now prove its laws work in practice, not just on paper. Speaking during debate on the Virtual Asset Service Providers Bill 2026, he said government agencies must share information and warned illegal traders they will face scrutiny.

Colin Jordan told Parliament that Barbados must update its laws as technology evolves to better fight money laundering and terrorism financing. Speaking on the Virtual Assets Provider Bill 2026, he said the country should not fall behind or become complicit in the illegal use of new digital tools.