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ARTICLE · 13 SEPTEMBER 2022

BVI Proposes Virtual Assets Framework

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The British Virgin Islands has become an attractive destination for technology entrepreneurs, particularly those connected with virtual assets. Recent years have seen the BVI...

British Virgin IslandsTechnology
Peter Colegate
Peter Colegate
Andrew Jowett
Andrew Jowett
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The British Virgin Islands has become an attractive destination for technology entrepreneurs, particularly those connected with virtual assets. 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 proposed Virtual Asset Service Providers Act 2022 (VASP Bill), which has been circulated for final consultation, is the latest legislative development designed to fulfil BVI's ambition to become a global technology hub.

The VASP Bill 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).

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