Guide to applying for a BVI VASP licence
On 1 February 2023, the British Virgin Islands Virtual Assets Service Providers Act 2022 (Act) came into force, with the BVI Financial Services Commission reinforcing the Act with its guidance on anti-money laundering, terrorist financing, and proliferation financing prevention, as well as the guidance on application for registration as a virtual asset service provider.
The Act prohibits anyone from providing virtual asset services within or outside of the BVI without registration by the regulator. The Act applies extraterritorially and has a six-month transitional window that expires on 31 July 2023, during which existing virtual asset service providers should register. Failure to do so may result in regulatory enforcement or criminal sanctions.
It is recommended that those conducting virtual asset service businesses seek regulatory advice and submit a complete application within the transitional timeframe to avoid processing delays or rejections. Successful applicants can continue conducting their business under the Act's regime upon receiving a certificate of registration.
For more information, please see our detailed post, here.