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Offshore hubs

British Virgin Islands

A 2023 law registers crypto exchanges and custodians, while the BVI business company remains a common vehicle for issuing tokens.

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Licences

What it takes to operate in the British Virgin Islands: 3 licences, who issues each, what it covers and who holds one.

Virtual Assets Service Provider (VASP) registration

FSC · Virtual Assets Service Providers Act, 2022, sections 5 to 7 and Part IV

Exchange between virtual assets and fiat or other virtual assets, transfers, safekeeping and administration, and financial services for another's token sale, with extra conditions to provide custody or operate an exchange.

What it takes
  • Application through an FSC-approved authorised representative in the BVI; fees of US$10,000 for custody or exchange and US$5,000 for other services
  • At least two individual directors approved by the FSC as fit and proper; corporate directors are not permitted
  • Capital and liquidity set by the FSC for the business model, higher for exchanges and custodians
  • Client assets segregated and protected; custodians must agree written safekeeping terms and guard against theft and loss
  • Auditor, compliance officer and MLRO; full AML/CFT controls and the travel rule for transfers of US$1,000 or more
27holders, 30 Jun 2026Register

Investment business licence (for tokens that are investments)

FSC · Securities and Investment Business Act, 2010 (Revised Edition 2020), Schedules 1 to 3

Dealing, arranging, managing, advising, custody, administration or operating an exchange in tokens that the FSC's 2020 guidance treats as investments, such as tokenised shares, debt or fund interests.

What it takes
  • A licence in the SIBA category that matches the activity
  • Directors and senior officers who meet the Regulatory Code's fit and proper criteria
  • Token-by-token analysis: utility and pure payment tokens are not investments, so they do not need this licence
  • AML/CFT compliance under the AML Regulations and the AML/TF Code of Practice
No public count

Regulatory sandbox participant approval

FSC · Financial Services (Regulatory Sandbox) Regulations, 2020; Virtual Assets Service Providers Act, 2022, Part V

Testing an innovative FinTech product or service, including virtual asset services, under FSC conditions for a limited period.

What it takes
  • Testing period of up to 18 months, extendable once by up to six months
  • Conditions and parameters set by the FSC for each participant
  • Exit plan, with an application for a full licence or registration at least 60 days before testing ends
No public count

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