Trinidad and Tobago: Technical Assistance Report–Technical Assistance on Fintech Regulation and Legislation
IMF Staff Country Reports, September 7, 2023
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- Trinidad and Tobago: Technical Assistance Report–Technical Assistance on Fintech Regulation and Legislation
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Bibliographic details
- Published: September 7, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400254437.002
Overview
- The paper presents Trinidad and Tobago’s technical assistance (TA) on fintech regulation and legislation.
- The impact of fintech in Trinidad and Tobago is currently concentrated in the payments sector.
- The report covers the three areas where TA was provided by the mission team.
Findings on e-money framework and licensing
- The current e-money framework and licensing process can be further enhanced.
Recommendations on JIH and RS
- Authorities should carry out a feasibility study with an aim of improving the JIH.
- A RS should not be a priority.
Recommendations on crypto assets strategy and legal/regulatory reforms
- Authorities should conduct an impact assessment for legal and regulatory reforms to assist them in the development of a strategy for crypto assets.
- An impact assessment should evaluate the costs and benefits of legal and regulatory action in the context of:
- the relative importance of crypto assets activities in the country, and
- the existence of competing legislative and regulatory priorities.
Evaluation of alternatives and associated disadvantages
- Other alternatives, such as a detailed legal regime, or using exemptions to accommodate the needs of new activities, present disadvantages:
- the lengthy and cumbersome legislative process; and
- the lack of a legal basis for the use of general exemptions.
Source: Trinidad and Tobago: Technical Assistance Report–Technical Assistance on Fintech Regulation and Legislation (IMF Staff Country Report No. 2023/322).
Content in this bundle
- 1ttoea2023003