Antigua and Barbuda to set up cryptocurrency exchange

The Antigua and Barbuda government is moving to set up a cryptocurrency exchange as it looks to cash in on the global wave of financial technology (fintech).
Legislation is expected to go before the parliament shortly to set up the relevant legal framework.
“Antigua and Barbuda is determined to be on the cutting edge of the new system of creating wealth with the expectation that the Exchange will generate non-tax revenue for the Treasury,” a government statement read.
Information technology minister Melford Nicholas on Thursday said the exchange will act as a facilitator to bring together cryptocurrency buyers and sellers for a fee.
“One of the persons who is involved at the forefront of this new cutting edge technology is Mr. Calvin Ayre and he himself had earlier been appointed as an economic envoy, he’s now a citizen of Antigua and Barbuda. We’re thinking that we can leverage both those relationships.
“By establishing an exchange here it will bring Antigua into the game as it were should there be any potential economic spinoffs we should be in the front seat,” Nicholas said.
Ayre, the founder of online gaming platform Bodog, is the government’s cryptocurrency adviser.  Observer media reached out to his representatives for his input but was told that he was travelling at the time.
The Canadian-born businessman last month announced that he will be building a U.S. $100 million resort at Valley Church beach, Antigua, with profits gained from his digital currency investments.