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ARTICLE · 29 FEBRUARY 2024

Overview Of Fintech Laws And Regulations In BVI 2024

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This country-specific Q&A provides an overview of Fintech laws and regulations applicable in the British Virgin Islands (BVI).

British Virgin IslandsTechnology
Andrew Jowett
Andrew Jowett
Stuart Fee
Stuart Fee
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This country-specific Q&A provides an overview of Fintech laws and regulations applicable in the British Virgin Islands (BVI).

1. WHAT ARE THE SOURCES OF PAYMENTS LAW IN YOUR JURISDICTION?

The primary legislation in respect of payments laws are the Banks and Trust Companies Act (BTCA) and the BVI Financing and Money Services Act (FMSA).

The BTCA regulates persons carrying on any form of banking business or trust business or company management business in or from within the BVI. Banking business includes the business of accepting deposits of money which may be withdrawn or repaid on demand or after a fixed period or after notice, by cheque or otherwise and the employment of such deposits, either in whole or in part in making or giving loans, advances, overdrafts, guarantees or similar facilities, or the making of investments, for the account and at the risk of the person accepting such deposits. A fintech entity which wishes to produce payment technology

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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