New Bill Targets Unlicensed Crypto Operators with Heavy Fines
Prime Minister Gaston Browne has introduced new legislation aimed at clamping down on unlicensed cryptocurrency operators, warning that Antigua and Barbuda will not become a haven for “charlatans” exploiting gaps in the financial system.
Presenting the Payment Systems and Services Bill 2025 in Parliament, Browne said the Eastern Caribbean Central Bank (ECCB) will be granted expanded regulatory powers to license and monitor all payment service providers, including those dealing in digital assets and crypto-based platforms.
“We have had some charlatans that have come to the region and have sought to set up their own independent crypto payments,” the Prime Minister stated.
“This bill puts in law that they are violating the laws in the event they set up their own private payment systems.”
The bill proposes financial penalties of up to EC$250,000 for corporate entities that establish payment systems without proper authorization, and up to EC$100,000 for individuals found in breach.
It also grants the ECCB authority to refuse, suspend, or revoke licenses and mandates a robust oversight regime including annual renewals, governance standards, and mandatory public disclosure of licenses.
According to Browne, the bill also introduces a legal framework for testing and monitoring innovative payment technologies under central bank supervision—addressing a regulatory gap that previously allowed digital operators to function with little oversight.
“This legislation strengthens the framework, gives it significant teeth, and helps prevent issues where unsettled amounts and financial harm could be left behind by unregulated entities,” Browne said.
The proposed law is part of a broader harmonized push within the Eastern Caribbean Currency Union to modernize payment systems, improve consumer protection, and promote financial inclusion across member states.
The debate on the bill drew broad parliamentary support and is expected to continue in the coming days as Antigua and Barbuda positions itself to align with global standards in digital finance regulation.
