Financial Crime World

Crypto License in the British Virgin Islands: All You Need to Know

The British Virgin Islands (BVI) has emerged as a popular jurisdiction for cryptocurrency businesses, with its crypto-friendly laws and regulations attracting numerous companies seeking to establish themselves in this rapidly growing industry.

Minimum Requirements for a Crypto License in the BVI

To obtain a Virtual Asset Service Provider (VASP) license in the BVI, applicants must meet the following minimum requirements:

  • Legal entity registration in the BVI
  • Share capital in line with operation size and nature
  • Contract with a BVI authorized representative
  • Employ a full-time Money Laundering Reporting Officer approved by the Financial Services Commission (FSC)
  • Detailed business plan
  • Ownership structure chart
  • Resume and other demonstration of skills, knowledge, and expertise from board members
  • Detailed description of software and technology, including an audit of infrastructure
  • Risk management matrix, plans, and procedures
  • Provisions to protect consumer data and assets
  • Plans for business continuity and cessation
  • AML-CTF policies and procedures
  • Manuals of compliance procedures, internal controls, and employee formation
  • Appointment of an independent auditor approved by the FSC
  • Cybersecurity framework
  • Insurance (upon specific request by the FSC)

Crypto Regulation in the BVI

The cryptocurrency regulation in the BVI is governed by the Virtual Asset Services Act, 2020, which requires all virtual asset service providers to register with the Financial Services Commission and obtain a VASP license.

Shareholders and Directors

There are no restrictions on shareholders from certain countries. However, individuals from blacklisted countries (e.g., North Korea) will not be able to proceed with obtaining a VASP license.

Licensed Companies for Sale

It is possible to purchase an existing regulated company to speed up the process. LegalBison can assist in finding licensed companies for sale.

Finding Business Partners in the BVI

LegalBison can also assist in finding experienced and motivated business partners in the BVI to fulfill personnel requirements.

Start Your Crypto Company in the BVI Today

Request more information about the crypto license in the BVI now and take the first step towards establishing your cryptocurrency business in this crypto-friendly jurisdiction.

Consulting Team

Our consulting team, led by certified ACAMS consultant Kirill Gussev, specializes in designing solutions for crypto licensing worldwide. Contact us today to learn more about our services.

Contact Us

Join the growing list of successful cryptocurrency businesses that have chosen the British Virgin Islands as their jurisdiction of choice. Start your crypto company in the BVI today!