PRESS RELEASE: TURKS AND CAICOS ISLANDS ATTORNEY GENERAL’S CHAMBERS
Building a Trusted, Innovative, and Future-Ready Financial Ecosystem
The Government of the Turks and Caicos Islands (TCI) is moving towards the adoption of a comprehensive cryptocurrency and digital asset regulatory framework. This initiative underscores a strategic decision to foster innovation, strengthen financial integrity, and position the Turks and Caicos Islands as a global hub for next-generation financial services.
Between August 28th – 29th, 2025 the Parliament of the Turks and Caicos Islands participated in sessions led by the United Nations Office on Drugs and Crime (UNODC). These sessions focused on presenting areas of strategic advantage and priority within the Virtual Asset space for the TCI.
On August 4th 2025, Virtual Asset Steering Committee (VASC), a multi-agency body, was established by the Anti-Money Laundering Committee (AMLC) pursuant to Section 115 (7) and (8) of the Proceeds of Crime Act as amended. The VASC was established to guide the development and implementation of a regulatory framework for virtual assets. The Committee aims to ensure that the framework aligns with international standards, mitigates risks associated with virtual asset activities, safeguards financial stability, and promotes economic growth through innovation.
The VASC is expected to deliver a policy paper to the Cabinet within the coming weeks for approval of the frameworks to be implemented in the TCI.
A Framework for Growth and Confidence
It is intended that the new framework will provide clear rules and safeguards for the issuance, custody, and use of digital assets, including cryptocurrencies and tokenized real-world assets. Guiding principles will be:
· Legal Clarity: Transparent licensing and supervisory structures.
· Innovation Enablement: Regulatory sandboxes and streamlined pathways to support start-ups and emerging fintech ventures.
· Investor and Consumer Confidence: Strong oversight mechanisms that ensure security, stability, and compliance.
· Global Alignment: Standards that reflect international best practices, enhancing interoperability and cross-border credibility.
Implementation Roadmap
The framework will be introduced in the first half of 2026. Key components under consideration include:
· A licensing supervision, and compliance requirements for entities engaged in digital asset activities.
· Operational incentives for early-stage blockchain ventures.
· Regulatory Sandbox opportunities for tokenized projects
· Collaboration with academic and industry partners to develop specialized talent and research.
The VASC, led by the Financial Services Commission, intends to hold a public consultation on the development of a national framework for digital assets and Virtual Asset Service Providers (VASPs). Details of the consultation process, including timelines and opportunities for public engagement, will be released soon. All interested parties—including financial institutions, technology providers, legal professionals, civil society, and members of the public—are strongly encouraged to participate in this important initiative.
Your feedback will play a vital role in shaping a balanced and forward-looking digital asset regime that supports innovation while safeguarding the financial system of the Turks and Caicos Islands.
A Message from the Anti-Money Laundering Committee
“In developing this framework, the Turks and Caicos Islands is laying the foundation for a secure and dynamic digital economy. Our goal is to provide innovators with clarity, investors with confidence, and citizens with access to the opportunities of tomorrow’s financial system.” Mrs. Kanisha Bacchus, Deputy Chair, AMLC and Managing Directors (Acting) of the Turks and Caicos Islands Financial Services Commission. Together, we can drive responsible innovation, attract investment, and build a financial ecosystem that is both resilient and future-ready.
A Message from the Premier Hon. Charles Washington Missick
“The Government of the Turks and Caicos Islands is committed to building a trusted, innovative, and future-ready financial ecosystem. The development of a comprehensive digital asset regulatory framework is a strategic step that will not only safeguard the integrity of our financial system but also unlock new opportunities for growth, investment, and innovation. By aligning with international best practices and embracing responsible innovation, we are positioning the Turks and Caicos Islands as a leader in the next generation of global financial services. This work reflects our vision of a resilient economy that empowers our people, attracts investment, and ensures long-term prosperity for our Islands.”