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Following the issuance of the Virtual Asset Act 2022 (VABA) by the Financial Services Authority (FSA) in St Vincent and the Grenadines, all Virtual Asset Service Providers (VASPs) will be required to submit an application for registration of a virtual asset business to the FSA in order to conduct virtual asset related business activity within the jurisdiction as per article 1(4) of VABA.
Step 1: Company Incorporation
Set up and register a business in Saint Vincent and the Grenadines in accordance with the Registration of Business Names Act.
Step 2: Preparation of the Application File
The application and supporting documents must be prepared in accordance with article 6 of VABA.
Step 3: Submission of the Application File
The application and supporting documents are then submitted to the FSA together with the application fee.
Step 4: Correspondence with the FSA regarding the Application File
The FSA may request further documentation or information pertaining to the Application.
Step 5: Conditions on Approval
Under article 8 of VABA the FSA may apply conditions for registration, any condition may be amended removed or added to in accordance with the FSA.
Step 6: The FSA will either grant or refuse registration of the VASP, or grant registration subject to restrictions or conditions.
Application Process SVG FSA
Application for Registration
The Application for registration must be made in writing and include the following:
The Applicant’s details, including the name, address affiliate details, management and shareholder details.
Sufficient and documented policies and controls for anti-money laundering, data protection, access control, cyber security safeguards, risk assessment.
The application should be accompanied by the application fee.
Two pieces of government issued identification for any director, officer or representative.
Proof of registration to conduct business in Saint Vincent and the Grenadines pursuant to the Registration of Business Names Act.
The FSA reserves the right to request further information or documentation in consideration of the application.
Fees & Requirments SVG FSA
Registration Fees and Requirements
Application fee $4,000
Registration fee $12,000
Requirements of a registrant
A person shall not be registered unless a statutory deposit is made to the FSA for 100,000 dollars or an amount equal to 25% of the financial obligations to clients of the registrant, whichever is greater. Such deposit must be made in cash, government securities or in any other form approved by the Minister.
The deposit shall be retained for a period determined by the FSA after the registrant ceases to offer or operate virtual asset business in Saint Vincent and the Grenadines.
Grant or refusal for registration
In considering the application, the FSA will take into account
If the person is fit and proper to be engaged in virtual asset business.
If the application is in order and the application fee prescribed has been paid.
If the requirements of VABA have been complied with.
If a person is able to fulfil the obligation of a registrant under VABA.
The FSA may also impose restrictions or conditions on registrations pursuant to article 8 of VABA.
What Can FAI Comply do for Your Business?
We undertake the preparation and submitting of applications for FSA VASP registration and provide post-submission support leading up to the granting of registration, which authorises companies to provide virtual asset related services in accordance with VABA. Services include:
Consulting on services, and design of the VASP structure
Preparation of the Application File
Completion of the Application Form and ancillary documentation to be submitted to the regulator
With input from you, where required, preparation of the applicant’s:
Internal Operations and AML Manuals according to regulations
Application follow-up during the process of assessment by the regulator
Assistance with recruitment and appointment of staff (extra service fee may be required)
WHAT CAN FAI DO svg fsa
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