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ARTICLE · 09 APRIL 2025

Ten Things Every VASP Should Know About The BVI Virtual Assets Service Providers Act, 2022

Carey Olsen
Carey Olsen
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Carey Olsen

Carey Olsen

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The Virtual Assets Service Providers Act, 2022 (the "VASP Act") came into force on 1 February 2023. The VASP Act regulates virtual asset service providers ("VASPs") and requires...

British Virgin IslandsGovernment, Public Sector
Clinton Hempel
Clinton Hempel
Elizabeth Killeen
Elizabeth Killeen
Katrina Lindsay
Katrina Lindsay
Chris Duncan
Chris Duncan
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The Virtual Assets Service Providers Act, 2022 (the "VASP Act") came into force on 1 February 2023. The VASP Act regulates virtual asset service providers ("VASPs") and requires that VASPs be registered with the BVI Financial Services Commission (the "FSC").

1. The legislative regime

In conjunction with the VASP Act, the FSC also published Guidance on the Application for Registration of a Virtual Assets Service Provider (the "VASP Registration Guidance"), and the Virtual Assets Service Providers Guide to the Prevention of Money Laundering, Terrorist Financing and Proliferation Financing (available to view here).

Also applicable to VASPs is the Anti-money Laundering (Amendment) Regulations, 2022 and the Anti-money Laundering and Terrorist Financing (Amendment) Code of Practice, 2022 which, from 1 December 2022, brought VASPs within scope of the BVI AML/CTF regime for transactions involving virtual assets valued at $1,000 or more.

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