Draft BVI Virtual Assets Service Providers Act Published

On 9 September 2022, the British Virgin Islands ("BVI") Government published a draft Virtual Assets Service Providers Act ("VASP Act") for consultation with industry. The draft VASP Act introduces a new, detailed registration and supervision framework for virtual assets service providers ("VASPs") operating in or from within the BVI, in keeping with the requirements of the Financial Action Task Force ("FATF").

The draft VASP Act sets out the virtual assets services that will require registration of a VASP with the BVI Financial Services Commission ("FSC"), the registration and ongoing requirements for VASPs, and broad supervisory powers for the FSC.

Definitions of Virtual Assets Services