First of all, you can be sure that cryptocurrency is completely legal in SVG. However, at the moment, the government of St. Vincent and the Grenadines does not have specific laws regulating cryptocurrency. The government is currently drafting legislation to address forex and cryptocurrency activities in the country. Until the new legislation comes into effect, your cryptocurrency business will not face legal prohibition.
The SVG government has recognized the potential of cryptocurrency and is actively working to create an enabling environment for its development. For example, the country’s lawmakers are pushing the idea of turning SVG into a fully digital transaction platform. In 2018, the Eastern Caribbean Central Bank (“ECCB”) launched a program with fintech company Bitt Inc. (“Bitt”) to develop a digital version of the Eastern Caribbean dollar (“DCash”). Starting in 2021, the DCash enabled transfers and receipts via phone, as well as purchases of goods and services within and between ECCB member countries. The ECCB is currently conducting a pilot program to test the feasibility of using DCash as the official government means of payment.
Despite its rapid growth and popularity, there are always risks associated with cryptocurrency. For example, cryptocurrency companies can become targets of cybercrime, so it is crucial to take strict security measures. The SVG government makes every possible effort to minimize these risks by implementing international standards and best practices in international financial services and aims to promote safe and secure methods to protect the interests of investors and entrepreneurs.