Virtual Assets Service Provider Registration (British Virgin Islands)

At a glance

What it lets you do

• Virtual asset exchange (FATF)
• Virtual asset transfer (FATF)
• Virtual asset safekeeping (FATF)
• Services related to token offerings (FATF)

• Virtual asset exchange (FATF). Exchanging virtual assets for fiat currency or for other virtual assets as a business, as defined in the FATF glossary.
• Virtual asset transfer (FATF). Conducting transactions that move virtual assets between addresses or accounts on behalf of another person.
• Virtual asset safekeeping (FATF). Safekeeping or administering virtual assets, or instruments enabling control over them, for another person.
• Services related to token offerings (FATF). Participating in and providing financial services related to an issuer's offer or sale of a virtual asset.

Where it is valid

Buying a company that already holds it

Prior approval required. For SIBA investment business licensees, acquiring, disposing of, or issuing shares that create or change a 'significant interest' - defined as 10% or more of voting rights, distributions, or the power to appoint/remove directors - needs prior written FSC consent; licensees separately notify the FSC within 14 days of certain interest transfers. For BVI-recognised mutual funds (not licensees), there is no ownership threshold trigger; instead the fund gives 7 days' prior notice of a new functionary (manager, administrator, custodian) and reports director/auditor/authorised-representative or offering-document changes within 14 days, per the Mutual Funds Regulations 2010 and the Incubator and Approved Funds Regulations.³

Laws behind it

• Virtual Assets Service Providers Act, 2022: No. 17 of 2022