Virtual Asset Services In The British Virgin Islands

The British Virgin Islands ("BVI") Virtual Assets Service Providers Act, 2022 ("VASP Act") came into force on 1 February 2023 and provides a registration regime for virtual asset service providers ("VASPs"). Associated guidance has also been published by way of the VASP Guide to the Prevention of Money Laundering, Terrorist Financing and Proliferation Financing ("VASP AML Guide") and the Financial Services Commission Guidance on Application for Registration of a VASP ("VASP Registration Guidance"). Updates to the BVI Regulatory Code, Revised Edition 2020 ("Regulatory Code") to take into account the VASP Act are expected during the course of 2023. This advisory provides an overview of the new BVI VASP regime.