The BVI has significantly developed and promoted its role in
international arbitration in the last decade.
The BVI Arbitration Act 2013
(the Act), which is modelled on the
UNCITRAL Model Law, came into force in 2014, shortly after the
territory joined the New York Convention on the Recognition and
Enforcement of Foreign Arbitral Awards
(the Convention). In 2016 the BVI
International Arbitration Centre opened its doors with its rules
based on 2010 UNCITRAL Arbitration Rules. It is a modern and
familiar framework that links the BVI to the global arbitration
community.
This period has also seen a meteoric rise in the global use of
digital assets, leading to an increase in disputes with a crypto
angle. Many such disputes are cross border and there are potential
advantages to dealing with them through arbitration (although the
BVI Courts have also shown a progressive stance in this
regard).
