Rules Holdings (BVI) VASP license approved!
The successful applicant, Rules Holding (BVI) Limited (Rules), currently operates a virtual asset exchange and provides custodial services by way of a platform named “bumba.global”. Rules is one of the first exchange and custody providers that has been approved under the new framework, and shall offer a diverse product portfolio to its clients across Latin America, the Middle East, Asia, and Europe as it expands its operations.
The Harneys Regulatory team, spearheaded by Head of BVI Private Wealth & Regulatory Ayana Hull and supported by Associate Myles Chingara, led the application, which secured approval from the Commission in November. The Harneys Corporate team, led by Partner George Weston with support from Senior Associate James Kitching, provided corporate support.
David Miller, Chief Executive Officer at Rules commented: “We built our business based on first principles of how financial services companies including VASPS should be governed, secured and regulated. This approval is a testament to the team’s ability to execute on that vison. The team at Harneys have excelled in assisting us from the start. Special thanks to Ayana Hull and Myles Chingara who led on the regulatory side and also George Weston and James Kitching who helped on the corporate side. We look forward to working with you going forward.”
Ayana commented: “The Harneys BVI Regulatory team is excited not only to be among the first group VASPs approved by the FSC but to now have obtained approval for a crypto-exchange and custodian. Rules founded by David Miller along with head of compliance Thomas Landgraf and their team have built a business that exemplifies what the regulators are looking for, a secure, compliant well governed institution. This approval is a testament to that. At present, Harney’s role in VASP approvals is approximately 43 per cent of total VASP approvals. This is a significant testament to our depth of knowledge, know-how, hard work, and dedication to getting deals through as well as our professional relationship with the Commission. The team always ensures to prepare robust and thorough submissions and the results are self-evident. We are proud of the results and thrilled that our clients are just as pleased. Congrats to David and the entire Rules team and welcome to the BVI VASP family. Kudos to team member Myles also who led this application straight through the finish line!”
Myles added: “It has been an absolute pleasure supporting the Rules’ team that has a depth of expertise in this space that has now been recognised by the Commission by virtue of the approval of their licence to provide exchange and custodial services. Massive congratulations to the team and all the best for the future.
Do you need help with a VASP application?
We are happy to assist. We have a very deep, experienced and knowledgeable regulatory team who can guide you through the process. Our approach is thorough yet simple and helpful and the process yields the outcomes we expect.
We are happy to provide you with our complimentary consultation kit, which includes:
- Harneys Practical Guide to the VASPA
- Harneys Proposal and Fee Quote Document
- Harneys VASP Assessment Tool
If you need our assistance, please contact any of the contacts listed or your usual Harneys contacts.
