拉丁美洲经济委员会-全球金融科技发展和管理经验概述_阿鲁巴金融科技监管环境中期报告（英）-2025_34页_1mb

The report provides an interim assessment of Aruba's regulatory environment for fintech, distributed ledger technology (DLT), and artificial intelligence (AI). Key regulatory areas include telecommunications, electronic transactions, data protection, competition, payments, banking, and securities.

Telecommunications

The Dutch Authority for Telecommunications (DTZ) primarily manages spectrum, but lacks authority in areas like interconnection tariffs and infrastructure access, leading to a monopoly by Setar N.V. This limits competition in broadband services and affects downstream ICT innovation and fintech growth. Frameworks for universal service and digital inclusion are not implemented.

Electronic Transactions

The National Ordinance on Agreements Concluded Electronically recognizes electronic signatures but falls short of UNCITRAL and HIPCAR models, creating ambiguity and hindering widespread adoption of digital services. Certification service providers face disproportionate liability, deterring market entry.

Data Protection

There is no dedicated data protection authority. Privacy frameworks are implemented inconsistently by the private sector, with no public oversight to ensure adherence. This lack of regulatory certainty undermines consumer trust and hinders the effective implementation of GDPR-like standards.

Competition

The Aruba Fair Trade Authority (AFTA) addresses competition broadly, but needs guidance on bottleneck infrastructure and vertically integrated markets— where Setar N.V. dominates multiple sectors, potentially discouraging entry into fintech markets. Legislative codification is recommended for faster implementation.

Payments

The Central Bank of Aruba administers payment systems like I-pago but lacks a holistic ordinance for all payment service providers (PSPs). Unclear KYC requirements and limited regulation of entities like Sentoo create barriers to entry and consumer protection concerns, stifling innovation.

Banking

Banking and financial services are overseen by the Central Bank, but AML/CFT and foreign exchange regulations impose high burdens, hindering the growth of digital financial services. The "one size fits all" approach is criticized as overly restrictive.

Securities

The securities sector is limited due to AML/CFT restrictions and lack of a designated authority for digital assets, hindering investment opportunities and fintech innovation.

In conclusion, Aruba's regulatory framework requires comprehensive reforms to foster fintech innovation, enhance competitiveness, and build consumer trust.