Saint Vincent and the Grenadines Crypto License

REQUIREMENTS

1. Company Formation
   Applicants must establish a local entity in Saint Vincent and the Grenadines, either as a Limited Liability Company (LLC) or as a Business Company. International Business Companies (IBCs) are not eligible. The entity is required to maintain a genuine physical presence in the country, which includes having a local office and complying with domestic accounting and auditing obligations.
    

2. Governance and Management
   The regulatory framework requires that a portion of directors reside in Saint Vincent and the Grenadines, while at least 30% of the board must be independent. In addition, the company must appoint a Money Laundering Compliance Officer and a Money Laundering Reporting Officer. The Compliance Officer must be a resident approved by the Financial Services Authority (FSA), reflecting the regulator’s emphasis on local oversight and accountability.
    

3. Fit and Proper Requirements
   All beneficial owners, directors, and key officers must satisfy “fit and proper” standards. This involves a thorough assessment that includes identity verification, police clearance, and a review of financial and professional backgrounds to ensure integrity and competence in managing a licensed entity.
    

4. Documentation and Policies
   Applications must be supported by comprehensive documentation. This includes a detailed business plan, internal AML/CFT and KYC policies aligned with national legislation, risk assessment procedures, and evidence of customer due diligence. Applicants must also demonstrate mechanisms for compliance with the Financial Action Task Force (FATF) “Travel Rule,” which governs the exchange of customer information during virtual asset transfers.
    

5. Financial Requirements
   To ensure financial soundness, the licensing process requires a statutory deposit of XCD 100,000 (approximately USD 37,000) to be held by the FSA for the duration of the license. Alternatively, a surety covering 25% of obligations to clients may be provided. Beyond this deposit, companies must demonstrate sufficient working capital to sustain operations for at least twelve months.
    

6. Fees and Ongoing Obligations
   The application process involves payment of an application fee of XCD 4,000 (around USD 1,500) and a registration fee of XCD 12,000 (around USD 4,500) upon license issuance. Annual renewal fees are generally set at a similar level. While Saint Vincent applies a 0% corporate tax rate on offshore companies, licensed virtual asset service providers remain subject to domestic compliance requirements, including tax registration and adherence to local laws.

PROCEDURE

1. Company Formation
   The first stage in obtaining a Virtual Asset Service Provider (VASP) license in Saint Vincent and the Grenadines is the establishment of a local company. The most common vehicle is a Limited Liability Company (LLC), which must be duly incorporated under local company law. As part of incorporation, the applicant must prepare and file the company’s constitutional documents, register its directors with the local registrar, and ensure that the company has a registered office address in Saint Vincent and the Grenadines. While the office may in some cases operate on a virtual basis, it must be a genuine point of presence within the jurisdiction, sufficient to demonstrate the company’s operational connection to SVG.
   
   The company is also required to appoint its initial directors. Among these, at least one must be a resident of Saint Vincent and the Grenadines in order to satisfy local governance requirements. Furthermore, the entity must designate a Compliance Officer and a Money Laundering Reporting Officer, both of whom are subject to the approval of the Financial Services Authority (FSA). These appointments form an essential part of the company’s compliance framework and demonstrate to the regulator that oversight of AML/CFT obligations is being conducted at a senior level. In addition, arrangements must be made for proper bookkeeping and the engagement of an external auditor to review the company’s financials in accordance with local law.
    

2. Document Collection
   Once the company structure is in place, the next step is to gather the personal and professional documentation of all individuals who will serve as ultimate beneficial owners, directors, or key officers of the business. This is a fundamental part of the FSA’s due diligence process and ensures that only individuals who meet the required standards of integrity and competence are allowed to control or manage licensed entities. The required documents include certified identification documents, proof of residential address, recent bank statements, curriculum vitae, and police clearance certificates. These materials provide evidence of identity, good character, and financial standing, all of which are necessary for the regulator to complete its fit-and-proper assessment.
    

3. Policy Development
   In parallel with the collection of personal documents, the applicant must develop and adopt a suite of internal policies and procedures. These policies must be fully consistent with Saint Vincent and the Grenadines’ legislation on anti-money laundering and counter-terrorist financing, as well as the guidance issued by the Financial Intelligence Unit (FIU). Key documents include AML/CFT manuals, detailed know-your-customer (KYC) protocols, and risk management frameworks. Together, these form the backbone of the company’s compliance infrastructure, demonstrating how it will prevent the misuse of virtual assets for illicit purposes.
   
   The applicant must also prepare a business continuity plan to address operational risks and ensure the sustainability of services in the event of disruptions. A comprehensive business plan is another mandatory element, setting out in detail the scope of virtual asset activities the company intends to pursue, the target market, and the internal systems it will use to manage operations. These materials must also reflect how the company will comply with international obligations, including the FATF “Travel Rule,” which requires the exchange of sender and recipient information in virtual asset transfers.
    

4. Application Submission
   Once the corporate structure has been finalized, the documents prepared, and the compliance framework established, the applicant may formally submit the Virtual Asset Business application to the Financial Services Authority. The application must be accompanied by the prescribed forms, all supporting documentation, and the payment of the application fee of XCD 4,000 (approximately USD 1,500). In addition, the statutory deposit of XCD 100,000 (around USD 37,000) must be provided at this stage. This deposit is held in trust by the FSA and serves as a form of financial safeguard for the duration of the company’s licensing. It reflects the regulator’s requirement that all licensees maintain adequate financial soundness from the outset.
    

5. Regulatory Review
   Following submission, the FSA undertakes a detailed review of the application. This process typically takes up to ninety days, provided that the application is complete and no significant issues are identified. During this period, the FSA may request further clarifications or additional documentation. In certain cases, the regulator may also require interviews with the company’s directors, compliance officers, or other key personnel in order to assess their competence and readiness to assume the responsibilities of a licensed entity. The review covers all aspects of the application, from the adequacy of the compliance policies and governance arrangements to the financial position of the company and the integrity of its controllers.
    

6. License Grant and Ongoing Obligations
   If the regulator is satisfied that all requirements have been met, the company is granted a Virtual Asset Business license. This license authorizes the entity to carry out specified crypto-related activities, such as exchange services, transfer and custody of virtual assets, or advisory services, depending on the scope outlined in the application and approved by the FSA. Upon issuance, the company is entered into the official registry of Virtual Asset Businesses maintained by the regulator.

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