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ARTICLE · 13 SEPTEMBER 2023

Global Legal Insights Fintech 2023: BVI

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Partners Lucy Frew and Sara Hall, along with senior counsel, Iona Wright pen the BVI chapter for Global Legal Insights Fintech 2023.

British Virgin IslandsTechnology

Partners Lucy Frew and Sara Hall, along with senior counsel, Iona Wright pen the BVI chapter for Global Legal Insights Fintech 2023. They provide an up-to-date summary of the current FinTech and crypto law in a number of key offshore jurisdictions prepared by our global market-leading FinTech team.

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 have until 31

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