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Curaçao establishes Blockchain and Cryptocurrency Taskforce

The Government of Curaçao and the Curaçao international financial sector, in the form of the Curaçao International Financial Services Association (CIFA), have joined forces and have established a Blockchain and Cryptocurrency Taskforce. The taskforce consists of various disciplines active in the Curaçao international financial sector, representatives of the Dutch Caribbean Stock Exchange (DCSX) and crypto currency specialists. The main objective of this taskforce is to provide the relevant governmental bodies/ regulators with concrete suggestions on a legislative and regulatory framework via which Curaçao will be favorably positioned in this innovative new sector.

Blockchain technologies, which store blocks of information that are distributed across the network, are a revolution, as they bring about high levels of traceability and security in economic transactions online. They are expected to impact digital services and transform business models in a wide range of areas, such as healthcare, insurance, finance, logistics, intellectual property rights management or government services.

Both CIFA and the Curaçao government believe that the current developments in the cryptocurrency space, which is facilitated by block chain technology, can create significant economic opportunities for Curaçao beginning with the international financial service sector.

Providing relevant legislation and regulatory clarity is crucial to benefit from those opportunities by making Curaçao an attractive jurisdiction for blockchain related startups, service providers, funds, exchanges and other companies active in this innovative sector. This will lead to growth, using as stepping stones the country’s unique assets including a multilingual population, first-rate internet connectivity, and decades of experience in international financial services.