# VASP Act: Virtual Assets Service Providers Act, 2022

Source page: https://protegra.io/licensing/laws/vg-virtual-assets-service-providers-act-2022/

The Virtual Assets Service Providers Act, 2022 (No. 17 of 2022, in force since 1 February 2023) is the British Virgin Islands' VASP statute. Administered by the BVI Financial Services Commission, it requires registration to provide virtual-asset services, custody services or run a virtual-asset exchange, and lets registrants trial FinTech in a statutory sandbox.

## At a glance

| Official title | Virtual Assets Service Providers Act, 2022 [1] |
| --- | --- |
| English title | Virtual Assets Service Providers Act, 2022 |
| Citation | No. 17 of 2022 |
| Jurisdiction | [British Virgin Islands](https://protegra.io/licensing/jurisdictions/bvi/) |
| Type | act |
| Adopted | 2022-12-23 |
| In force from | 2023-02-01 |
| Status | in force |

## Full text

**Official full text:** [Virtual Assets Service Providers Act, 2022 (PDF, en)](https://www.bvifsc.vg/sites/default/files/virtual_assets_service_providers_act_2022.pdf) [1] · 299 KB · file checked 2026-09-24

Official page: [bvifsc.vg](https://www.bvifsc.vg/sites/default/files/virtual_assets_service_providers_act_2022.pdf) [1] · [archived copy](https://web.archive.org/web/20260721013604/https://www.bvifsc.vg/sites/default/files/virtual_assets_service_providers_act_2022.pdf)

## Summary

The Virtual Assets Service Providers Act, 2022 (No. 17 of 2022), passed by the House of Assembly on 24 November 2022 and assented to on 23 December 2022, is the British Virgin Islands' registration and supervision regime for virtual-asset businesses, administered by the BVI Financial Services Commission. It prohibits carrying on a virtual-asset-service business in or from the BVI without registration, and creates three registration categories: general VASP, virtual-asset custody service, and virtual-asset exchange, the latter two carrying extra conditions. Applicants must disclose directors, senior officers, shareholders and controllers, appoint an authorised representative and auditor, and submit a business plan, risk assessment and AML/CFT compliance manual. Registered VASPs must report information to the Commission, maintain records, safeguard client assets, and obtain prior Commission approval before any disposal or acquisition of a significant or controlling interest. Part V lets approved sandbox participants trial innovative FinTech under adjusted conditions. Existing providers at commencement had six months to apply for registration while continuing to trade. Breaches are criminal offences carrying fines up to US$100,000 or 5 years' imprisonment, set out by provision in the Schedule.

Summary written by the Atlas from the official text; the law itself prevails.

## Main articles

- **s.1**: Commencement is set by ministerial notice in the Gazette, not automatically on assent or gazetting.
- **s.5**: Prohibits carrying on a virtual-asset-service business in or from the BVI without Commission registration.
- **s.6-7**: Applicants choose one or more categories (VASP, custody service, exchange) and disclose owners, controllers and a business plan.
- **s.11-14**: Requires directors/senior officers, an authorised representative and an appointed auditor for every registered VASP.
- **s.20-21**: VASPs must report information to the Commission and obtain prior approval before any change in significant or controlling interest.
- **s.27-32**: Sets additional information, conditions and restrictions specific to custody services and virtual-asset exchanges.
- **s.33-36**: Lets the Commission approve sandbox participants to trial innovative FinTech under adjusted conditions.
- **s.40**: Existing providers at commencement had six months to apply for registration while continuing to trade.
- **s.45**: Lets fees payable under the Act be fixed by regulation made under the Financial Services Commission Act.
- **s.46**: Makes contravention of scheduled provisions an offence, with penalties up to US$100,000 or 5 years' imprisonment.

## Licences it governs

- [VASP · British Virgin IslandsVirtual Assets Service Provider RegistrationBVI FSC](https://protegra.io/licensing/licences/vasp/bvi/)

## Regulators that apply it

- [British Virgin IslandsBritish Virgin Islands Financial Services Commission (BVI FSC)The FSC is the single autonomous regulator for all financial services business in and from the British Virgin Islands, including banking, in](https://protegra.io/licensing/regulators/bvi-fsc/)

## Sources

1. [bvifsc.vg: virtual assets service providers act 2022 (PDF)](https://www.bvifsc.vg/sites/default/files/virtual_assets_service_providers_act_2022.pdf): retrieved 2026-09-24

Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.