~Virtual Assets need to be regulated by law in St. Maarten~
PHILIPSBURG:--As a follow-up to Brison’s previous call to advance the local economy while promoting the responsible use of blockchain technology in St. Maarten, MP Rolando Brison, Leader of the united People’s Party stated his intention to not “re-invent the wheel” and look to the island of Dominica which recently adopted Tron as its official blockchain, and the Eastern Caribbean Central Bank’s Virtual Assets draft law. Brison, who has already been working diligently regarding virtual assets regulation as was previously announced, is busy translating the law in a manner that fits our Dutch legal system and local economy.
“Often times we sing the praises of other Prime Ministers in the region, and rightfully so. But acting on it for the benefit of our people and economy has much more value,” stated MP Brison.
He referred to the Honorable Roosevelt Skerrit’s recent announcement of Tron as the official blockchain and legal tender of Dominica after their parliament passed the Virtual Assets law. “This is a historic step for Dominica in its drive to enhance economic growth by embracing digital innovation and appointing TRON
Protocol as its designated national blockchain infrastructure. TRON Protocol is one of the leading global blockchain platforms, known for its efficient and cost-effective crypto settlement system,” stated Prime Minister Skeritt in an official release after the passing of the law.
The Eastern Caribbean Central Bank (ECCB) oversees the monetary union of countries like BVI, St. Kitts, Nevis, and Antigua, with a total GDP of close to 10 billion USD. “The ECCB legislation is a great framework for regulation that focuses on protecting the consumer, the economy and ensuring that virtual asset oversight
does not spire out of control, without stagnating potential growth opportunities for the sector.” Brison has been at the forefront of recognizing the reality that Cryptocurrencies are being traded in St. Maarten, but as per the 2018 release by the Central Bank of Curacao and St. Maarten, it is still totally unregulated. He
believes that legal tender regulation helps align cryptocurrency with our civil code. “Allowing cryptocurrency to continue totally unregulated in St. Maarten is extremely risky, and we have to be proactive. Hence I use my right of initiative to bring this law with Tron Protocol at the forefront, with possibilities later for other
blockchains to be incorporated; this too can be done in line with other countries like St. Kitts, who I know are also working on their own legal tender legislation,” stated Brison.
Tron is a leading blockchain protocol known for its popular cost-effective global on-chain settlement system.
Brison believes that by collaborating with Tron as its designated blockchain infrastructure, Sint Maarten can benefit from Tron’s fast-growing and inclusive global ecosystem to further strengthen its appeal for international tourism which is vital to the local economy.
Brison’s initiative law will include provisions by National Decree for the government to choose when would be the best time to enter into force so that the Ministry of Finance can continue its educational programs regarding blockchain technology.
Brison expects to submit this initiative law to go through the legislative process in the coming weeks, in accordance with the constitutional right MPs have to initiative laws.