New Virtual Assets Framework Enacted – The British Virgin Islands

The British Virgin Islands has become an attractive destination for technology entrepreneurs, particularly those connected with virtual assets. While much of the BVI's financial services legislation was written before the blockchain revolution began, recent years have seen the BVI take a number of legal and regulatory steps to make the jurisdiction one that will allow innovation to thrive. The new Virtual Asset Service Providers Act 2022 (VASP Act) is the latest legislative development designed to fulfil the BVI's ambition to become a global technology hub.

The VASP Act, which is due to come into force imminently, aims to promote the use of new technology and innovative enterprise in the BVI while complying with international standards set by the Financial Action Task Force (FATF).