Jamaica doesn't legally recognize stablecoins as payment instruments, but crypto is not banned and is actively traded. Cryptocurrencies may fall under existing frameworks like the Securities Act, the Bank of Jamaica Act, or the Payment, Clearing & Settlement Act if classified as securities or e-money. The Financial Services Commission (FSC) regulates virtual asset service providers (VASPs) in the non-banking sector under AML/CFT rules. The Bank of Jamaica is exploring a digital Jamaican dollar (CBDC) via a pilot program.
