Built in the BVI, built for the world

The BVI remains central to our global strategy. Its strong regulatory environment, English common law foundation and political and economic stability have allowed it to become a trusted hub for cross-border transactions spanning Asia, Europe, and the Americas. These strengths have supported the continuous expansion of both our transactional and our dispute resolution practices.

For me, the defining moments in Harneys’ development have been the ones where we helped shape the jurisdiction itself by advising on landmark legislative developments including the International Business Companies Act, the Limited Partnership Act, and the Economic Substance legislation. Equally important has been our commitment to talent development in the BVI, whether through our legal training programme launched in 2000, the scholarship programme introduced in 2023, or longstanding community initiatives, such as adopting Francis Lettsome Primary School. More recent efforts, including our adopt-a-court programme and our financial services workshop for secondary school teachers, reflect our belief that the BVI’s future is built on investment in its people.

As we look ahead, the same spirit of innovation that has shaped the BVI’s legal and commercial landscape is now driving its rapid emergence in new sectors, particularly digital assets.

To provide the best insight on this topic, I turned to Phil Graham, our Global Head of Investment Funds and Digital Assets, as this is very much his area of expertise. Phil notes that the BVI has established itself as a leading jurisdiction, “The BVI is a leading jurisdiction for digital assets, decentralized finance (DeFi), and Virtual Asset Service Provider (VASP) regulation.” The jurisdiction’s VASP Act requires registration with and supervision by the BVI Financial Services Commission, which also provides a regulatory sandbox for DeFi projects.

Since 2015, our global Digital Assets & Blockchain team has been at the forefront of providing legal advice and structuring investment funds in the digital asset space. Their work spans crisis management for offshore structures, governance for DAOs, crypto asset tracing, regulatory compliance, and token issuance.

We are very proud to have successfully obtained more VASP licenses for our clients than anyone else in the BVI, and also supported landmark developments, including helping launch a major L1 blockchain and one of the market-leading stablecoins from the BVI in the past year.

Looking ahead, we expect the next phase of BVI growth to be shaped by a combination of traditional structures and emerging opportunities. Demand for private credit, digital asset strategies, and emerging manager platforms continues to grow, supported by the BVI’s tax neutral environment and adaptable legal framework. At the same time, fintech, tokenisation, and VASP-related activity are opening new avenues for innovation.

The BVI is well-positioned to capture this growth, but the global environment is becoming more demanding. The jurisdiction must continue balancing transparency, economic substance, and AML/CTF expectations with the commercial agility that has long set it apart. Competition from other offshore and midshore centres continues to intensify, and maintaining speed, cost-effectiveness, and service quality will
be essential.

Global trends, including ESG, governance expectations, and digital transformation, are shaping client behaviour. More businesses are embedding sustainability into their structures, and the BVI’s flexible framework allows them to do so efficiently. At the intersection of asset management and fintech, tokenised and hybrid fund platforms are also gaining traction. Meanwhile, the strengthening of courts and regulatory oversight is positioning the jurisdiction to meet rising global standards.

Across markets, client expectations vary: Asia values responsiveness and efficiency; the Americas prioritise innovation, agility, and cost effectiveness; and Europe focuses heavily on governance and regulatory insight. Despite regional differences, our fundamental commitment remains the same - to provide exceptional, commercially grounded advice that meets clients’ global needs.

Being rooted in the BVI gives us a deep understanding of the jurisdiction’s regulatory, legal, and business landscape. This foundation enables us to deliver advice that is both technically robust and globally relevant. Our physical presence, combined with offices across the Americas, Asia, and Europe, allows us to operate seamlessly across time zones and jurisdictions.

This year (2025) has been a milestone for us. We opened new offices in Jersey and Dubai, bringing our global footprint to 11 locations. We also celebrated our 65th anniversary through the “65 for 65” initiative, completing 65 community-focused activities that strengthened our connection with the BVI and showcased our values of excellence, innovation, and people-first leadership.

These initiatives have not only allowed us to give back to the community but have also sparked new partnerships and highlighted areas where we can deepen our support in the years ahead.

Looking ahead, the BVI office will remain central to serving our global client base. With emerging legislation around digital assets and international regulatory standards, the jurisdiction is continually evolving, and we intend to remain closely involved in that evolution.

I am confident that the BVI will remain a leading offshore financial centre. Its legal and regulatory frameworks continue to evolve in ways that support global market needs, and we remain committed to advising on legislative advancements and promoting the jurisdiction worldwide.

In the years ahead, the BVI is poised to support new asset classes, ESG-driven investments, and cross-border digital developments, and Harneys will continue to champion the jurisdiction, contribute to its growth, and help shape its future.

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This edition also features contributions from our team, including Aki Corsoni-Husain (p19), David Mathews (p60), Christopher Pease (p72), and James Kitching (p22).

This article was originally published in BVI Finance's Business Insight Magazine.