Regulatory Blog

The global regulatory landscape for digital assets is constantly evolving. For entities operating within the crypto space, staying ahead of these changes is paramount. Recent amendments to the Common Reporting Standard by the OECD have significant implications for BVI crypto funds. Understanding these updates is crucial for ensuring compliance and making informed strategic decisions.

On 20 November 2025, the British Virgin Islands International Tax Authority announced that Economic Substance reporting obligations will transition from the Beneficial Ownership Secure Search System to the Virtual Integrated Registry Regulatory General Information Network portal. The ITA has confirmed that the new VIRRGIN ES filing portal is in its final stages of preparation and will be deployed for filings due in 2026.

On 23 October 2025, the BVI International Tax Authority published a notice to advise that the Organisation for Economic Co-Operation and Development introduced significant updates to the Common Reporting Standards, now referred to as CRS 2.0, alongside the development of the Crypto-Asset Reporting Framework.

Reporting Financial Institutions and Non-Reporting Financial Institutions in the British Virgin Islands are required to comply with new Common Reporting Standard obligations by 30 September 2025.

On 25 February 2024, the British Virgin Islands International Tax Authority published its updated lists of Common Reporting Standard Participating Jurisdictions and Reportable Jurisdictions for 2025. Both lists were officially gazetted on 13 March 2025.

The BVI International Tax Authority recently hosted a Common Reporting Standards webinar, introducing substantial updates to CRS compliance and upcoming regulatory requirements for financial institutions. These changes, coupled with key filing deadlines for 2025, highlight the heightened focus on regulatory compliance within the BVI.

On 7 March 2025, the British Virgin Islands Financial Services Commission published its detailed timeline for the rollout of key functionalities related to Beneficial Ownership filings, as well as the management of Registers of Directors, Registers of Members, Registers of Limited Partners, and Registers of General Partners. This phased approach aims to enhance compliance and operational efficiency for stakeholders.

On 28 October 2024, the British Virgin Islands Financial Services Commission and Financial Investigation Agency jointly released new guidance to help financial institutions and designated non-financial businesses and professions manage risks associated with third-party introducers. This guidance is aimed at strengthening compliance with anti-money laundering regulations and related local legislation by offering a structured, risk-based approach.

The British Virgin Islands Beneficial Ownership Secure Search System Act has been amended by the Beneficial Ownership Secure Search System (Amendment) Act, 2024, which was published in the Gazette on 24 July 2024.

The Minister, on the advice of the BVI International Tax Authority, made the Mutual Legal Assistance (Tax Matters) (Fees) Order 2024.

On 2 April 2024, the BVI International Tax Authority published version four of its economic substance rules and explanatory notes, following the introduction of a federal corporate income tax system in the United Arab Emirates in respect of financial years beginning on or after 1 June 2023.

On 5 February 2024, the BVI International Tax Authority published its updated Common Reporting Standards lists of Participating Jurisdictions and Reportable Jurisdictions for 2023. Both lists were gazetted on 8 February 2024.