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Crypto License in the British Virgin Islands

Crypto License in the British Virgin Islands

30. 08. 2023

The British Virgin Islands (BVI) have long had a reputation as a favorable place for offshore operations. In recent years, the jurisdiction of the islands has also begun to regulate cryptocurrency activities. The BVI government provides crypto licenses, allowing companies to work in the field of cryptocurrencies and blockchain technologies in a legal regulated environment.

Companies working with cryptocurrencies in the British Virgin Islands must undergo the licensing procedure for a Virtual Asset Service Provider (VASP).

VASP is a special license or permission to carry out activities as a virtual asset service provider. The VASP license allows cryptocurrency exchanges, wallets, payment platforms and other related services to operate legally.

Key points about the VASP license:

  • The VASP license is mandatory for the legal operation with crypto assets in most jurisdictions. Without it, a company's activities will be considered illegal.
  • Obtaining a VASP license involves meeting a number of regulatory requirements - in KYC, AML, data security and more.
  • The licensing process can take from several months to a year and requires extensive documentation preparation.
  • The VASP license increases customer and partner confidence and allows banks and payment systems to operate.

The VASP license is required for companies that provide the following services:

  • Cryptocurrency exchange.
  • Custody and management of crypto assets.
  • Transfer of funds in cryptocurrency.
  • Services of cryptocurrency exchanges and trading platforms.
  • Conducting an ICO/STO.
  • Issuance and emission of digital assets.
  • Providing cryptocurrency wallets.

Obtaining a VASP also involves meeting a number of requirements, including KYC, AML and CFT.

The process of obtaining a VASP license is closely monitored by the BVI regulator and can take 6 to 12 months.

Crypto licenses in the British Virgin Islands open up new business opportunities and make it possible to operate in a legal, regulated jurisdiction while providing services around the world. If you are interested in obtaining a cryptocurrency license in this jurisdiction, please contact IT-OFFSHORE specialists.

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