Barbados vs Jamaica
Crypto regulation comparison
Barbados
Jamaica
Legal
No Regulation
Barbados has a favorable environment for cryptocurrency. With no income or capital gains tax, crypto activities are not specifically taxed. The Financial Services Commission oversees financial markets. Barbados has been exploring blockchain for government services.
Jamaica has no specific cryptocurrency legislation. The Bank of Jamaica does not regulate or endorse crypto but has not banned it. Jamaica launched its own CBDC, JAM-DEX, in 2022 through the National Commercial Bank. Crypto exists in a legal gray area with no dedicated framework.
Tax Type
No tax
Tax Type
Unclear
Tax Rate
0%
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Central Bank of Barbados, Financial Services Commission
Regulator
BOJ (Bank of Jamaica), FSC
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
BOJ launched JAM-DEX CBDC; no private stablecoin regulation
Key Points
- No income tax or capital gains tax applies to crypto
- Financial Services Commission provides general oversight of financial markets
- Government has explored blockchain for land registry and identity services
- Crypto businesses operate under general financial services regulations
- Growing fintech sector with interest in digital asset innovation
Key Points
- No specific cryptocurrency legislation or regulatory framework
- BOJ does not recognize crypto as legal tender but has not banned it
- Jamaica launched the JAM-DEX CBDC in 2022
- FSC Jamaica has not issued specific guidance on crypto asset regulation
- Tax treatment of crypto gains is unclear due to lack of specific guidance