With the recent release of the FSR, F Corporate MD Fulford welcomes the release of the FSC Financial Stability Report and its initiatives to strengthen the resilience and stability of the financial system in Turks & Caicos Islands. The Commission have outlined several policy initiatives they are undertaking to strengthen the resilience of the financial system and to ensure its stability.
The Financial Stability Report (FSR) is an output of the Policy Unit within the Financial Services Commission with the contribution of several government agencies, including the TCI Treasury and Statistics Department, who provided fiscal and economic data for this report.
The FSR is an annual report that is published by the Commission and is intended to enhance the understanding of financial system vulnerabilities among policymakers, financial market participants and the general public.
Over the review period in compiling the FSR, the Commission initiated policy-related research on the emerging forms of digital assets, which included crypto and virtual assets as well as Central Bank Digital Currencies (CBDC).
The research was conducted in two phases: phase one explored the digital asset ecosystem, examining the unique characteristics and uses of crypto assets and CBDCs, while phase two assessed the risks and vulnerabilities emanating from crypto assets usage and the regulatory implications for adoption, in view of the recommendations from international standard-setting bodies.
Each phase culminated in a Board-approved research paper that will be used to guide the Commission’s policy direction on the potential regulatory treatment of crypto assets.
Fulford commented “with the international community embracing Crypto Currency and Virtual Assets as a new way of doing business, it is welcomed news that the Turks and Caicos Islands Financial Service Commission has commence discussion at a Board level for these currencies to enter the TCI Financial market.
Mark Fulford is the Managing Director of F Corporate & Management Services, a company/asset manager regulated by the FSC. He is also an Attorney and Managing Partner of F Chambers specializing in inward investments and asset management.
Click here to read the full report.
