In a strategic legislative move, Parliament has officially called on citizens to contribute their views on the Virtual Asset Service Providers (VASP) Bill 2025, setting the stage for one of the year’s most significant regulatory overhauls in the digital finance sector. This bill marks a crucial step toward formalizing the framework for virtual assets, signaling the government's commitment to innovation with accountability.
The newly tabled bill aims to regulate Virtual Asset Service Providers, including cryptocurrency exchanges, digital wallet operators, and other entities handling digital financial assets. Stakeholders, experts, and the general public now have the opportunity to examine the bill and submit feedback before it progresses to the debate stage in Parliament.
Vital Legislation Under Public Review
The keyword “Virtual” sits at the heart of this bill, reflecting its focus on the increasingly virtual nature of financial transactions and digital currencies. According to lawmakers, the legislation seeks to enhance transparency, protect consumers, and prevent illicit activities such as money laundering and terrorism financing that can exploit gaps in virtual asset oversight.
"The digital economy is rapidly evolving, and with it, the necessity to establish clear rules that govern virtual financial platforms," said a spokesperson for the Parliamentary Committee on Finance. "We believe public engagement is essential to crafting inclusive, future-ready laws."
The VASP Bill proposes licensing requirements, operational standards, and reporting duties for all entities engaged in the virtual asset ecosystem. It also lays out mechanisms for enforcement and penalties for non-compliance. These components mirror global best practices as recommended by the Financial Action Task Force (FATF) and are expected to align the local framework with international norms.
Public feedback is open until mid-July 2025. Citizens can submit their views via the Parliament’s online portal or through written correspondence addressed to the Clerk of Parliament. A summary of submissions will be reviewed in public hearings before a final draft is prepared.
As interest in cryptocurrencies and digital assets surges, regulatory clarity is seen as both a necessity and an opportunity. Analysts suggest that transparent and well-structured regulations could attract foreign investment and foster responsible innovation within the digital finance space.
By opening the door to public opinion, Parliament has emphasized its intention to legislate with both foresight and inclusivity. The final version of the bill is expected to be presented in the third quarter of 2025, following comprehensive consultations.
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