In the closing days of last year the British Virgin Islands
(BVI) enacted its long-awaited Virtual Asset
Service Providers Act 2022 (the VASP Act). Given
the requirements for registration under the VASP Act, we would
strongly suggest that any affected virtual asset service provider
which has not already submitted a registration application or is in
process of doing so, should now seek the necessary advice and begin
the application process as soon as possible and certainly well in
advance of the deadline of 31 July 2023.
Who does it apply to?
The VASP Act, which came into force on 1 February 2023, has
created a new legal framework for the registration and supervision
of persons engaged in the business providing "virtual asset
services" (VASP business).
