IMF Staff Country Reports

Trinidad and Tobago: Technical Assistance Report–Technical Assistance on Fintech Regulation and Legislation

September 7, 2023

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International Monetary Fund. Monetary and Capital Markets Department "Trinidad and Tobago: Technical Assistance Report–Technical Assistance on Fintech Regulation and Legislation", IMF Staff Country Reports 2023, 322 (2023), accessed November 8, 2024, https://doi.org/10.5089/9798400254437.002

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Summary

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. This report covers the three areas where TA was provided by the mission team. The current e-money framework and licensing process can be further enhanced. The report recommends that authorities should carry out a feasibility study with an aim of improving the JIH, but a RS should not be a priority. The authorities should also 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. Other alternatives, such as a detailed legal regime, or using exemptions to accommodate the needs of new activities, present more disadvantages, such as the lengthy and cumbersome legislative process or the lack of a legal basis for the use of general exemptions.

Subject: Digital currencies, Financial institutions, Financial regulation and supervision, Fintech, International organization, Monetary policy, Securities, Securities regulation, Technology, Virtual currencies

Keywords: Authorities of Trinidad and Tobago, Caribbean, Crypto assets regulation, Department mission, Digital currencies, Fintech, Global, IMF's MCM, Private sector entity, Request of the Central Bank of Trinidad and Tobago, Securities, Securities regulation, Virtual currencies

Publication Details

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