Beautiful Virgin Islands

Tuesday, Apr 29, 2025

Legislators blast financial services sector for last-minute measures

Legislators blast financial services sector for last-minute measures

Some legislators have called out leaders of the local financial services sector, urging them to ensure they give lawmakers adequate time to review important laws the sector wants passed to improve their industry.
Legislators issued the call while debating The Virtual Assets Service Providers Act 2022, in the House of Assembly on November 24. The law sets guidelines for the handling of virtual assets such as cryptocurrency in the territory’s financial services industry.

While all legislators supported the bill, some of them bemoaned the short time the House of Assembly was given to review it. They also bemoaned the fact that they had to pass the law on the same day it was debated.

“The least that could have happened is that members of the House of Assembly could have had a briefing on this bill and we would come here informed. You can’t tell me that the people in financial services can’t afford to give us three days before it comes to the sitting, so that members of the House can have some form of debriefing on the matter,” Opposition Leader Julian Fraser pointed out. He said leaders of the financial services industry have been operating this way for years; partly because they know lawmakers will not oppose legislation they propose.

Fraser then called for a Financial Services Committe to be set up in the House of Assembly so that technocrats can brief legislators on important developments in the financial services industry.

Fraser’s cry was echoed by Territorial At-Large Representative Neville ‘Sheep’ Smith who said bills like The Virtual Assets Service Providers Act 2022 are very important and shouldn’t be debated and passed in one sitting in the House of Assembly.

He admitted that he didn’t understand all aspects of the bill because he had no time to do the required research.

“We cannot continue to do things wrong and then turn around and say we have to let it happen because it is financial services. We have to hold them to the highest level too,” Smith said frankly. “The next one that comes in here like this while I’m here, I ain’t staying. We cannot continue to do something wrong and try to make it look right,” Smith said.

Another Territorial At-Large Representative, Carvin Malone also supported his fellow legislators in their call to the financial services industry. He also said proper consultation should be done with the appropriate people before bills are drafted and presented to the House of Assembly.

In the end, all legislators supported The Virtual Assets Service Providers Act 2022. The bill was passed that same day.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Liverpool Clinches Record-Equalling 20th English League Title Under Arne Slot
Singapore Politicians Warn Against Foreign Interference in Election
Driver Ploughs into Vancouver Festival Crowd, Killing Nine
Depression, Fear of Defamation, and a Tragic End: New Details on Virginia Giuffre’s Suicide
“Sharia for UK, Allah Akbar!”
Massive Explosion at Iran's Bandar Abbas Port Linked to Suspicious Chemical Shipments
Incident Reflection: A Harsh Reality Check
Pakistani migrants to Danish man: “ “We have 5 children while you have 1 or 2. In 10 years, there will be more Pakistanis than Danes here.“
Clashes Erupt in London as Tensions Rise Between Indian and Pakistani Communities
Specialized anti-drone weapons deployed among security personnel Ahead of Papal Funeral
How do you fix this culture?
Corrupted from Within: How Deep State Power and Unelected Judges Hijacked Democracy Against the Will of the People
President Trump and Ukrainian President Zelensky just held an impromptu discussion on the sidelines of Pope Francis' funeral in Rome.
World Leaders Gather in Rome for Pope Francis's Funeral
Pope Francis Laid to Rest in Rome as World Leaders Attend Funeral
Alberta's Push for Independence Raises Questions About Canada's National Unity
Virginia Giuffre, Prince Andrew and Jeffrey Epstein accuser, dies by suicide
"China has survived for five thousand years, most of it without the United States as a market, and it can easily continue to survive without the U.S. market for another five thousand years — no problem," said a China analyst.
Elites vs. America: How Democrats Lost the Plot and the People
Pam Bondi Details Wisconsin Judge’s Actions Before Arrest: 'Can't Make This Up'
Not Child’s Play: How Competitive Gaming Became a Global Economic Empire
California Surpasses Japan to Become the World’s Fourth-Largest Economy
Peter Navarro: The Man Behind Trump’s Tariff Madness
Milwaukee Judge Arrested on Allegations of Aiding Undocumented Immigrant’s Escape
Former U.S. Congressman George Santos sentenced to eighty-seven months for wide-ranging fraud
Trump administration moves to BAN essentially ALL artificial food dyes in the USA food supply at RFK Jr.'s direction
Woman slaps man at sports game and gets herself and husband beat up
Pope Francis: head of the Catholic church who pushed for social and economic justice
China do not pay these tariffs - you pay it. This is new 145% tax you pay to the US government.
Nightlife in the streets of Manchester
In God We Profit
Cultural Battles in the Vatican: The Candidates in the Battle for the Holy See and Pope Francis's Testament
Global Leaders Pay Tribute to Pope Francis Following His Death
Wild Chimpanzees Observed Bonding Over Alcoholic Fruit
US Federal Reserve Chair Issues Warning on Tariff Impact
UK Prison Officers Demand Electric Stun Guns Amid Safety Concerns
China, China, China!
Australian National Charged as Mercenary for Fighting in Ukraine
Israel Considers Limited Strikes on Iran's Nuclear Facilities Amid Diplomatic Efforts
Prince Andrew Joins Royal Family Attends Easter Sunday Service at Windsor Castle
Saudi Arabia Offers Max Verstappen Unprecedented Deal to Join Aston Martin
Global Pistachio Shortage Amid Rising Demand for 'Dubai Chocolate'
Trump is assembling a coalition of Western leaders aligned with the MAGA vision, strengthening a unified front for global change
IMF Predicts No Global Recession Amid Trade Tensions
Here’s a police officer with a brilliant gift for swift education
"Some complain that we put thousands in prison. In reality, we set millions free."
This is Vienna, Austria in 2025.
Boeing Jet Returns to US from China Amid Tariff War
Canadian Federal Election: Candidates' Positions on US-Canada Relations and Donald Trump
Resentencing Hearing for Menendez Brothers Who Killed Their Parents Delayed Amid Legal Disputes
×