FinTech 2024: British Virgin Islands Chapter

Approaches and developments

The government of the British Virgin Islands ("BVI") and the BVI Financial Services Commission ("FSC") – the principal financial services regulator – have progressed important initiatives in recent years that demonstrate the BVI's unequivocal commitment to digital transformation and Fintech innovation.

The Virtual Assets Service Providers Act, 2022 ("VASP Act") came into force on 1 February 2023 and provides a registration regime for any person carrying on in or from within the BVI the business of providing a "virtual assets service". Such persons are called virtual asset service providers ("VASPs"). Incumbent VASPs had until 31 July 2023 to submit an application for registration with the FSC, following which operations can continue until the FSC determines the application. VASPs that were not operational as of 1 February 2023 must wait for the FSC to determine their application before commencing operations. At the time of writing,