🚀 BVI Strengthens Oversight for Virtual Asset Service Providers (VASPs)

🌐 Key Regulatory Facts

The BVI FSC now regulates VASPs under the Virtual Assets Service Providers Act, 2022, which came into effect on 1 February 2023. All entities offering crypto custody, exchange, or advisory services must be licensed and comply with anti-money laundering (AML) and counter-terrorist financing (CTF) obligations. The Act also requires the appointment of authorised representatives and auditors, and the implementation of measures to protect client assets, ensuring alignment with international FATF standards.

⚖️ Comparative Analysis

Compared with other leading jurisdictions such as Gibraltar and Malta, the BVI’s framework balances flexibility with rigorous compliance. Its licensing process emphasises risk-based assessments and ongoing supervisory reporting. In March 2025, the FSC established the Virtual Assets Service Providers Advisory Committee (VASPAC) to advise on regulatory challenges, innovation, and sector development, further strengthening the jurisdiction’s oversight of VASPs.

💼 Sector Implications

Licensed VASPs in the BVI benefit from enhanced credibility and market access. The FSC’s public register lists approved entities such as G-20 Minerva Limited, Coinhako, and Keyex Limited, showing the regulator’s commitment to transparency. These updates ensure VASPs can operate securely while attracting international partnerships in the rapidly evolving crypto sector.

📌 Conclusion

The BVI VASP licensing framework now provides a clear, modern legal foundation for virtual asset businesses. Entities must carefully navigate these obligations to mitigate regulatory risks. NUR Legal offers specialised guidance for VASP licensing, compliance audits, and ongoing regulatory support in the BVI. Contact us to secure expert assistance in this dynamic sector. Visit us at NUR-Legal.com or contact us directly at info@nur-legal.com