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The global regulatory landscape for virtual asset service providers (VASPs) is changing faster than ever. With regulators sharpening their focus on anti-money laundering and counter-terrorist financing obligations, the...more
The body in the British Virgin Islands (BVI) that regulates crypto-assets and related services is the Financial Services Commission (FSC). As the principal regulator of the financial services industry in the BVI, the FSC's...more
The BVI is a preferred international jurisdiction for fintech businesses as it is a well-established investment centre with a comprehensive, commercial virtual assets regime, which provides businesses with legal certainty. ...more
Pending completion of its recommended actions under the BVI Mutual Evaluation Report published by the Caribbean FATF in February 2024, the BVI has been included on the FATF's list of "jurisdictions under increased...more
Regulatory clarity in the digital assets and crypto space continues to be a moving target. Yet, the interest among policymakers and regulators worldwide has never been more pronounced. In the United States, 2024 was a pivotal...more
Prior regulatory approval is now required for MLRO appointments – previously it was a notification requirement that had to be submitted within 14 days of the MLRO appointment. Firms in scope will now need to factor in...more
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...more
The BVI Virtual Asset Service Providers Act (VASP Act) came into force on 1 February, providing clarity and certainty on the regulatory landscape for virtual asset services (VASPs) operating in or from within the BVI. ...more
As widely expected, the British Virgin Islands ("BVI") is shortly bringing into force new legislation to implement the Financial Action Task Force's standards on virtual assets and virtual asset service providers (known as...more