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Scope of the License

Following the British Virgin Islands Financial Services Commissions’ issuance of the Regulation of Virtual Assets in the Virgin Islands Guidance, every entity which conducts or acts as an intermediary relating to virtual asset activity captured under the legislation must be registered as a Virtual Asset Service Provider (‘VASP’).

In accordance with section 6 of No.17 of 2022 Virgin Islands Virtual Assets Service Providers Act 2022, a person who wishes to carry on virtual asset services from within the Virgin Islands may apply to the Commission for registration as a Virtual Asset Service Provider (‘VASP’) in order to undertake such business, in one or more of the following categories:

  • To carry on the business of providing a virtual asset service,

  • To engage in the business of providing a virtual asset custody service, and

  • To operate a virtual assets exchange.

In assessing whether a license is required the following factors will be taken into consideration:

  • The way the virtual asset is being utilised,

  • The types of business activities being proposed or conducted,

  • Whether the business activities are analogous with those conducted through traditional businesses; and

  • The characteristics and business activities (economic substance) relating to an offering / issuance.

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SCOPE & Applications BVI
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Application Process

Application documentation

Prospective VASPs should demonstrate through the application process among other things that they have a strong Corporate Governance Framework, robust Technological Infrastructure and detailed Compliance, Risk Management and Operational Frameworks.

The below information must be submitted to the Commission as part of the application process, the Commission reserves the right to request additional information as it considers appropriate and within such a time as it determines:

  • In the application the prospective VASP must provide the Commission with all the relevant information such as the names and addresses of its directors, address of the VASP, etc.

  • A business plan must be submitted, which at a minimum should include the following:

    • The knowledge and experience of the person applying for registration,

    • Detailed information on the nature, size, scope and complexity of the VASP,

    • Marketing information,

    • Anticipated human resource capacity,

    • Planned outsourcing agreements,

    • An indication of initial capital as well as financial projections for the first three years of operations.

  • A written risk assessment of the VASP, including methods of identification, assessment, monitoring and mitigation.

  • A manual illustrating how the applicant intends to comply with the requirements of the Act and any regulation enacted thereunder, including safeguards against money laundering and terrorist financing.

  • Policies such as: Internal safeguards, data protection, client handling and complaints.

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Application Fees & Capital Adequacy

Fees for VASP Applicants


  • VASP Applicants seeking to provide Virtual Assets Custody Service - application fee $10,000.00 

  • VASP Applicants seeking to operate Virtual Asset Exchange - application fee $10,000.00

  • VASP Applicants not providing Virtual Asset Custody Service or Operating Virtually - application fee $5,000.00

Capital Adequacy


Applicants must demonstrate an adequate level of paid-up capital taking into consideration the nature, size and complexity of the VASP and its operations.

Fees & Capital Adequacy BVI

What Can FAI Comply do for Your Business?

We undertake the preparation and submission of applications to the Commission for licensing and provide post-submission support leading up to the granting of the license, authorising Virtual Asset related services.

Consulting on services, and design of the VASP structure

Preparation of the Application File

  • Completion of the Application Form and checklists to be submitted to the Commissions,

  • With input from you, where required, preparation of the VASP's Policies and Procedures

Assistance with supplementary requests from the Commission

Application follow-up during the process of assessment with the Commission

Assistance with recruitment and appointment of staff (extra service fee may be required)

Approval of Registration & Potential Outcomes

Potential Outcomes

The Commission will register the applicant and issue a certificate of registration in such form as it considers appropriate.

The Commission may impose conditions on registration as it deems. appropriate

Where the Commission does not approve an application, the applicant will be informed in writing together with the reason for refusal.

Approvals & Outcomes BVI

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