BVI Regulatory Sandbox Launched To Support Innovative FinTech

In August 2020, the Financial Services (Regulatory Sandbox) Regulations 2020 (the "Regulations") came into force in the British Virgin Islands (the "BVI") to launch a regulatory sandbox (the "Regulatory Sandbox") designed to support and facilitate innovation in the financial technology sector and allow businesses to trial new products and services which amount to "Innovative FinTech", for a limited period, under the supervision of the BVI Financial Services Commission (the "FSC"), without the need to apply for a licence to conduct financial services business in the BVI.

Eligibility

"Innovative FinTech" is defined under and for the purposes of the Regulations as the "development or implementation of a new system, mechanism, idea, method, or other arrangement through the use of technology to create, enhance or promote a product or service with respect to the conduct or provision of a financial services business" – and BVI business companies; foreign companies;