Giacomo Merello on Championing Crypto in the Caribbean: Antigua and Barbuda’s Digital Assets Framework

The Caribbean is quickly gaining recognition as a hub for innovation in cryptocurrency and blockchain technology, with Antigua and Barbuda at the forefront of this evolution.

Since the implementation of its Digital Assets Business Act (DABA) in 2020, Antigua has established itself as a progressive jurisdiction for crypto and digital asset enterprises, attracting attention within the global regulatory landscape.

Dr. Giacomo Merello, Lord Leslie, a prominent figure in this initiative, serves as the Special Economic Envoy of the Prime Minister of Antigua and Barbuda to Singapore, as well as the Chairman of the Antigua and Barbuda Digital Assets Business Promotion Board.

His insights shed light on the unique attributes of Antigua’s regulatory framework, which stands as a stark contrast to those of its Caribbean neighbors.

The DABA is noted for its comprehensive yet agile regulatory structure, incorporating streamlined procedures that enable businesses to secure digital asset licenses in as little as two to three months.

This rapid approval process is a significant advantage for entrepreneurs aiming to seize market opportunities efficiently, particularly when many similar frameworks elsewhere can take up to two years for approval.

A distinguishing feature of Antigua’s framework is the inclusion of a Sandbox licensing option. This Category C license caters to innovative projects that do not fit neatly into existing categories, allowing startups to explore novel ideas within a controlled environment.

The Sandbox promotes creativity and experimentation in the digital asset space while ensuring regulatory oversight. The comparatively low cost associated with obtaining licenses further enhances the attractiveness of Antigua’s ecosystem for prospective businesses.

As other Caribbean nations also adopt digital asset regulations, differences in their approaches become apparent.

The Bahamas, for instance, enacted the Digital Assets and Registered Exchanges Act (DARE) in 2020, which initially drew significant attention when it facilitated the relocation of the crypto platform FTX. However, following FTX’s dramatic collapse in late 2022, the Bahamas faced challenges in restoring its reputation as a crypto-friendly jurisdiction, leading to an amendment of its regulations in 2024.

In contrast, Antigua has maintained a clean record and a stable regulatory environment, bolstered by the consistent leadership of Prime Minister Gaston Browne. This stability has instilled confidence in investors and entrepreneurs looking to engage in digital assets.

The British Virgin Islands (BVI) is also working to establish its place in the crypto landscape with its Virtual Assets Service Providers Act, which echoes many aspects of Antigua’s DABA. However, the BVI has contended with reputational challenges unrelated to crypto, particularly following a scandal involving its former Premier.

This incident has raised concerns about governance stability in the BVI, forcing some investors to reconsider their engagement with the jurisdiction.

St. Vincent and the Grenadines has introduced its own regulatory framework with the Virtual Asset Business Act, updated in 2025 to enhance oversight.

While the St. Vincent framework aims for compliance with international standards, it adopts a more conservative approach to licensing, which could influence the attraction of innovative businesses in comparison to Antigua’s more flexible model.

In summary, Antigua and Barbuda’s Digital Assets Business framework exemplifies a balanced approach — fostering innovation while ensuring regulatory clarity.

As the Caribbean continues to navigate the complexities of digital assets, Antigua is positioning itself as a leader in the region, showcasing a successful blend of modern fintech adaptability and robust governance.