Rushing into danger

OPPOSITION Senator Ramon Small-Ferguson has accused the Government of repeatedly forcing Parliament to scrutinise major legislation under tight deadlines, warning that the rush to meet international obligations risks allowing errors and inconsistencies to pass into law. However, Government Senator Dr Dana Morris Dixon, responding to his concerns, acknowledged that while some of his points were valid, there would have been occasions when urgent legislation was unavoidable. Small-Ferguson raised the concern during Friday’s Senate debate on the Virtual Asset Service Providers (Licensing) Regulations, 2026, which were approved by the Upper House.

He argued that the limited time given to senators to examine the 56-page document was inadequate, particularly given the importance of the rules to businesses seeking to enter the virtual asset industry and the Financial Services Commission (FSC), which will regulate the sector. The senator supported the need for Jamaica to regulate virtual asset service providers and meet its international obligations, but insisted that Parliament must be given enough time to examine the details of legislation before approving it. He said the regulations are particularly important because they set out the practical requirements businesses will have to meet to obtain and maintain a licence, including the amount of capital required, the documents to be submitted, and the changes that would need the regulator’s approval. He argued that the time needed to examine the regulations should not be underestimated. “We have to consider whether the requirements are clear, whether there is consistency with the Act itself, and whether what is being set out is actually workable in practise. It’s a substantial exercise, and that examination takes time, it…