Turks and Caicos Advances Virtual Asset Regulation with Capacity-Building Workshop

Providenciales, Turks and Caicos – Wednesday 12^th March – Last week, key stakeholders from across the Turks and Caicos Islands (TCI) Government, regulatory bodies, and international agencies convened for a capacity-building workshop focused on virtual asset regulation. Hosted in collaboration with the Attorney General’s Chambers, the Financial Services Commission (FSC), and the United Nations Office on Drugs and Crime (UNODC), the workshop marks an important step toward shaping TCI’s risk-based approach to digital assets.

The discussions, driven by the findings of the recent National Risk Assessment, are aimed at defining a regulatory framework aligned with Virtual Asset Service Provider (VASP) standards. With a decision expected to be ready for parliamentary consideration by Friday, March 7, this initiative underscores the Government’s commitment to addressing both the opportunities and risks associated with virtual assets. With its US dollar-based economy and zero-tax environment, TCI could offer a well-regulated option for crypto custodians, Security Token issuance, AI Agents, and other innovative products struggling to find a supportive, understanding, and effective jurisdiction.

UNODC-led training on anti-money laundering measures is a key component of the workshop, helping TCI’s regulatory framework meet international compliance standards while addressing financial crime risks. Policymakers, regulators, and industry experts are working together to set a course that balances innovation with financial integrity.

“This workshop is an important step in developing a clear and effective regulatory framework for virtual assets in TCI. By bringing together policymakers, regulators, and industry experts, we are setting a foundation for a jurisdiction that welcomes innovation while meeting international standards. TCI can be a strong option for digital asset businesses, and this initiative shows our commitment to balanced and well-regulated growth in the sector.” – Paul Pirie, CEO, TCI Finance

As senior policymakers gather to review the proposed direction, the atmosphere will be one of cautious anticipation. Recognising the complexities of virtual asset regulation, the Premier has made clear that this initiative is a priority, emphasising the need for a pragmatic, risk-based approach.

As TCI moves forward with this effort, the Government remains focused on building a regulatory environment that supports financial innovation while upholding global compliance standards. The conclusions from this week’s discussions will play a key role in shaping the jurisdiction’s future as a reliable participant in the evolving digital asset sector.