The Financial Services (Regulatory Sandbox) Regulations 2020 (the Sandbox Regulations) will come into force as of 31 August 2020. The Sandbox Regulations, originally passed without an effective date on 10 June 2020, are designed to foster the growth of FinTech related business seeking to start up in the jurisdiction.
The new Sandbox Regulations are a welcome addition to the range of options open to innovative businesses seeking to operate in or through the BVI.
Please see our legal update here.
A copy of the Sandbox Regulations can be found here.
A copy of the FSC’s public presentation on regulatory sandboxing (BVIFSC’s Meet the Regulator, 3 July 2019) can be found here.