Amendments to the British Virgin Islands FSMA
The Financing and Money Services Act, 2009 (FSMA) provides a
framework for the licensing, registration and supervision of
persons carrying on financing and money services businesses in or
from within the BVI. It is targeted at regulating and licensing
companies (other than banks and post offices) that provide
financing to residents in the BVI.
With effect from 1 March 2019, the following two changes were
made to FSMA: (I) the definition of "financing business"
was amended to include a new licensing regime applicable to the
peer to peer FinTech market, peer to business and business to
business markets and the scope of "money services
business" has been expanded with the aim of growing FinTech in
the BVI, and (II) new classes of licences have been developed.
