Antigua and Barbuda to establish blockchain technology

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The Gaston Browne led administration has announced that it will be proceeding with plans to establish blockchain technology in the country by enacting the necessary laws in Parliament.

Speaking at a business forum earlier this week,  Browne said that special attention will be given to cryptocurrencies.

“We would not allow fly-by-night speculators to come and exploit the space and to create any reputational damage to the country.”

He said the government would also pass legislation to facilitate initial coin offerings, and this facility will be available for local entrepreneurs to raise capital outside Antigua and Barbuda.

He also spoke of legislative enactment to facilitate Real Estate Investment Trusts or REITs.

The Prime Minister explained that since the offshore sector has been moribund, “We are no longer able to offer that low-tax incentive to foreign investors in which we charge a nominal tax of 1-2 percent. However, having international REITs, it’s a well-established vehicle that we can utilize to offer a low rate of taxation as an incentive to attract international businesses, as well as facilitating local businesses operating in that space.”He also spoke of legislative enactment to facilitate Real Estate Investment Trusts or REITs.

Browne said that since the offshore sector is not flourishing – “We are no longer able to offer that low-tax incentive to foreign investors in which we charge a nominal tax of 1-2 percent. However, having international REITs, it’s a well-established vehicle that we can utilize to offer a low rate of taxation as an incentive to attract international businesses, as well as facilitating local businesses operating in that space,” he said.

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