Virtual Assets Bill, 2020 to Allow St. Kitts-Nevis to Play a Responsible Role in the Global Market Place, Says PM Harris

Basseterre, St. Kitts, January 23, 2020 (SKNIS): The Virtual Assets Bill, 2020, which was passed in the Honourable House on Thursday, January 23, will allow for St. Kitts and Nevis to play a responsible role in the global marketplace, said Prime Minister and Minister of Finance, Dr. the Honourable Timothy Harris.

“In my view, this Bill falls well into our programme to make St. Kitts and Nevis safer and deliver a better and brighter future for the people of this beautiful country, and it will allow us as I said before, to play a responsible role in the global marketplace,” said Prime Minister Harris.

The Minister of Finance said that innovations within the financial industry have required countries to keep abreast of changes.

“The global community, Mr. Speaker, has been inundated with the effects of financial innovation which have compelled some countries to make changes to their financial landscape. Such innovation has resulted in the introduction of new technologies, services and products as alternative means of conducting business within the financial services sector,” he said. “These innovations and the result in changes in the financial landscape transcend national, regional and regional borders and have assumed significance and prominence of a global magnitude,” Dr. Harris added.

Prime Minister Harris added that “in recognition of this fact, the interest of persons in digital currencies has heightened.”

Dr. Harris said that the Virtual Assets Bill, 2020, is of significant importance.

“This, of course, is an important Bill. It represents part of the long-term plan of our Team Unity Administration to lead St. Kitts and Nevis into modernity and to refurbish its reputation as a responsible member of the international community,” he said.