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The rapid rise and popularity of virtual assets has created a real challenge where regulation has struggled to keep pace whilst many people hold virtual assets. The BVI is one of the leading jurisdictions for the establishment of virtual asset legal structures over recent years. The BVI Virtual Assets Service Providers Act, 2022 (the "VASP Act") was enacted on 29 December 2022, demonstrating the government’s commitment to the virtual asset sector.
In the Act, the following has been addressed: 1. Clear definition of virtual assets, virtual assets services, virtual assets services providers, virtual assets custody service and virtual assets exchange.
2. Regulatory requirements in provision of “virtual assets service”.
3. Transitional arrangement.
Please refer to the bottom of this page for the full Act. If you want a summary of the Act, please do not hesitate to contact us at info@Intershores.hk
Whatsapp : (852) 6499 4686 Phone : (852) 2186 6936 Email : info@intershores.hk
Disclaimer: Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice. |
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