BVI Company

The Virtual Assets Service Providers Act, 2022 (VASP Act 2022) introduced by the BVI Financial Services Commission (“FSC”) effective from  1^st February 2023 needs you to submit an application for registration as a VASP by 31st July 2023 if you conduct virtual assets service via BVI entities.  

The VASP Act describes the activities that require registration through the definitions of key terms such as virtual assets, virtual assets service and VASPs. It also indicates those services that do not qualify as VAS.

The VASP outlines key features which include:

• details of the application and approval requirements for registration as a VASP, including additional specific requirements for VASPs seeking to provide virtual assets custody services or operate a virtual assets exchange; 

• the requirement for VASPs to appoint authorised representatives;
• particulars of the functions of an authorised representative and the requirement for authorised representatives to be approved by the FSC to act in relation to VASPs;  
• the requirement for VASPs to appoint an auditor approved by the SFC and the obligations of the auditor to the SFC; 
• details of the information that a registered VASP must report to the SFC on an ongoing basis; 
• the process to be adopted for disposing or acquiring a significant or controlling interest in a VASP;
• the establishment of measures to protect clients’ assets; 
• prohibitions on making or issuing misleading advertisements; 
• AML/CFT and other regulatory compliance matters; and
• the legal mechanism for a VASP to participate in the Regulatory Sandbox.

A completed application must be submitted to the FSC for registration as a VASP by 31st July 2023 for persons conducting virtual assets service before 1st February 2023 as a special consideration. Where an application is not submitted by the said date, the person will be considered to be performing unauthorised business and will be liable on conviction to a fine of up to US$100,000 and/or 5 years imprisonment (for any director, partner or senior officer who knowingly authorised, permitted or acquiesced in the commission of the offence).

Please click below for:

1.    Guidance on the Application for Registration of a Virtual Assets Service Provider. 

2.    The Virtual Asset Service Providers Guide to the Prevention of Money Laundering, Terrorist Financing and Proliferation Financing to aid in compliance with AML/CFT obligations.

Act now to legalize your VAS activities by on-time VASP application in BVI.

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.