BVI Firms Shine in Virtual Asset and Financial Services Regulatory Work
The British Virgin Islands (BVI) has emerged as a hub for virtual asset and financial services regulatory work, with three leading law firms - Walkers, Appleby, and Carey Olsen - showcasing their expertise in this area.
Expertise in Virtual Asset and Financial Services Regulatory Work
Walkers, led by partner Lucy Frew, has advised Oxbridge Re on the structuring and offering of tokenized collateralized reinsurance securities through its BVI subsidiary SurancePlus Inc. The firm also assisted Worldcoin Foundation and Tools For Humanity on virtual asset and financial services regulatory aspects related to the creation of its Worldcoin token.
Appleby’s BVI regulatory team, spearheaded by Jeffrey Kirk and Andrew Jowett, has been praised for its “exceptional subject matter expertise and experience in digital assets and fund work.” The team advised clients in the emerging technologies, virtual asset, and data management sectors on a range of regulatory issues related to blockchain, cryptocurrencies, and digital assets.
Carey Olsen continues to provide comprehensive advice to leading trust companies, funds, and corporate clients on contentious and non-contentious regulatory and compliance issues. The firm’s team, led by co-heads Clinton Hempel and Elizabeth Killeen, has advised a range of clients on virtual asset legislation and economic substance compliance.
Notable Work Highlights
- Walkers advising the Joint Liquidators of Three Arrows Capital on BVI investment business, investment funds, virtual asset, and other financial services regulatory matters.
- Appleby advising Bitfinex, Hyperedge Technology Ltd, LedgerPrime, Tether, Joyfa Inc., Oanda Corporation, Hidden Road Partners L. P., Arbelos Ltd, Monetalis Services Limited, Blue Carbon Project, Karate Kombat, Fractal Network Ltd on various fintech-related activities.
- Carey Olsen advising Keyway (BVI) Limited on attaining a Class III Trust licence from the BVI Financial Services Commission, and assisting BF Virtual Assets Ltd with BVI legal and regulatory matters related to certain fintech-activities.
Client Praise
The firms’ expertise in virtual asset and financial services regulatory work has been recognized by clients who praised their professionalism, expertise, and dedication. “From start to finish, the Walkers team demonstrated an unparalleled level of professionalism, expertise, and dedication that truly set them apart,” said one client.
Another client noted that Appleby’s team is “exceptional” in terms of its knowledge and understanding of the BVI regulatory environment. “Their ability to provide practical advice and guidance has been invaluable to our business,” they added.
Carey Olsen’s team was praised for their comprehensive advice on contentious and non-contentious regulatory and compliance issues, with one client stating that their “practical approach” made it easy to navigate complex regulatory requirements.
Conclusion
The firms’ work highlights demonstrate their ability to advise clients on a range of virtual asset and financial services regulatory matters, from tokenized collateralized reinsurance securities to economic substance classification. Their expertise will continue to be crucial for businesses operating in the BVI and beyond.