Crypto license in BVI

The British Virgin Islands, situated in the Caribbean as a British overseas territory, has emerged as a favoured location for individuals engaging in cryptocurrency activities. Acknowledging the significance of this growing sector, the BVI government has implemented measures to oversee and authorise crypto-related enterprises operating within its borders. This article will outline the BVI crypto license, covering the application procedure, requirements, and advantages associated with its acquisition.

Regulation background in  British Virgin Islands

Under the legislation, companies engaged in cryptocurrency operations must secure a license from the BVI Financial Services Commission (FSC). This includes activities like:

• Issuing, selling, or trading crypto assets (such as ICOs, ITOs, DeFi projects).
• Services rendered by businesses connected to crypto assets, such as wallet providers and exchanges.

How to obtain a Crypto license in BVI

There are several important steps required to obtain a crypto license in this jurisdiction:

1. Register Your Company: Begin by registering your company as required by the authorities.
   
2. Prepare Documents: Gather necessary documents, including a business plan.
3. Meet Requirements: Ensure your company meets financial and technological conditions.
4. Submit to FSC: Submit all documentation to the Financial Services Commission (FSC).
   
5. Review and License: Await a review by the FSC, after which you may obtain your crypto license.

Benefits of obtaining Crypto license in BVI

Securing a crypto license in the British Virgin Islands (BVI) presents several advantages for participants in the crypto sector. Here are some of the benefits of selecting the BVI for acquiring a crypto license:

• Favorable regulatory environment conducive to crypto operations.
• Tax-neutral jurisdiction, offering advantages for financial planning.
• Strong Reputation: BVI is known for its robust legal framework and regulatory standards.
• Strong privacy laws safeguarding sensitive information.
• Ease of doing business, facilitated by streamlined processes and supportive infrastructure.

Requirements are as follows

To obtain a crypto license in the British Virgin Islands (BVI), businesses must adhere to specific requirements outlined by the BVI Financial Services Commission (FSC). These requirements are designed to ensure that crypto enterprises comply with local regulations, operate responsibly, and maintain sustainability. It’s crucial for businesses to meticulously follow the conditions for obtaining a crypto license in the BVI.

The requirements for obtaining a Crypto License in BVI include:

1. Scans of notarized copies of the passports of all members.
2. Scans of notarized copies of address proof of all members.
3. Submission of a comprehensive business plan.
4. Source of Funds: Details such as current job, position, company name, business activities, working countries, and years of employment – a CV is sufficient.
5. Confirmation Letter of Business Activity.
6. AML Manual of KYC/AML outlining anti-money laundering compliance policies and procedures.
7. Information Security Policy and Cybersecurity Program Policy.
8. Risk Assessment Policy.
9. Custody service agreement.
10. Appointment of an AML Officer.

The timeline of obtaining Crypto license in BVI

Getting a crypto license in the British Virgin Islands (BVI) can take about 4 to 6 months. The time can vary depending on how complete and accurate your application is, how complex your business is, and how busy the regulators are.

The cost of BVI crypto license

The fees for applying to the FSC for registration under the VASP Act are as follows:

• An application fee of 10,000 USD applies to entities that seek to provide Virtual Assets Custody Services.
• For entities applying to operate a Virtual Assets Exchange, an application fee of 10,000 USD must be paid.
• For any other type of Virtual Assets Services, an application fee of 5,000 USD is applicable.

Conclusion

Navigating the process of obtaining a crypto license in the British Virgin Islands requires careful attention to detail and compliance with regulations. At SBSB Fintech Lawyers, we specialize in guiding businesses through this process. Our experienced team can help you secure your license efficiently, unlocking the opportunities in the crypto sector. Contact us today to learn more about our services.