BVI Virtual Asset (Service Providers) Act – a practical guide

The British Virgin Islands is at the cutting edge of global crypto and digital asset regulation with the BVI Virtual Asset (Service Providers) Act, 2022 (VASP Act), effective 1 February 2023. This means virtual asset service providers (VASPs)  within the regime must become registered with the BVI Financial Services Commission (BVIFSC).

The regime comprises:

• The VASP Act itself
• BVIFSC Guidance to VASPs on the prevention of money laundering, terrorist financing and proliferation financing (VASP AML Guidance Notes)
• BVIFSC Guidance on application for registration of a VASP (VASP Application Guidance)

In this practical guide, we set out what you need to know if your BVI entity is a VASP, how to prepare for and make an application to become registered, documents and information required, and fees and timings.

Is your BVI entity a VASP?

Our free initial assessment tool makes it easy to determine if your entity is or might be a VASP under the BVI AML and VASP regime.