Following our September 2022 client advisory, the BVI Virtual Assets
Service Providers Act, 2022 (the "VASP
Act") was enacted on 29 December 2022.
The BVI has become one of the leading jurisdictions for the
establishment of virtual asset legal structures over recent years,
and the enactment of the VASP Act demonstrates the BVI's
commitment to the virtual asset sector.
Virtual Assets
The VASP Act, which has yet to come into force, defines a
"virtual asset" as a digital representation of
value that can be digitally traded or transferred, and can be used
for payment or investment purposes, but does not include (a)
digital representations of fiat currencies and other assets or
matters specified in the Guidelines (not yet published); or (b) a
digital record of a credit against a financial institution of fiat
currency, securities or other financial assets that can be
transferred digitally. Accordingly, the definition of virtual asset
is broad and will cover all
