British Virgin Islands: Closed consultation on draft Bill on Virtual Assets Service Providers (VASPs) Act establishing registration requirement for VASPs

On 23 September 2022, the British Virgin Islands (BVI) closed its consultation on the draft bill for the "Virtual Assets Service Providers (VASP) Act", intended to establish a legal framework for the registration of VASPs with the Financial Services Commission (FSCs) for the purpose of increasing monitoring of money laundering and fraud. A VASP is characterised as a business entity that offers any combination of the following services: facilitating exchanges between virtual assets and fiat currencies, facilitating exchanges between one or more types of virtual assets, and facilitating the transfer of virtual assets in connection with the execution of a transaction on behalf of another person. The term "virtual asset" is defined as a digital representation of value that can be utilised for payment or investment.