The British Virgin Islands (BVI)is an overseas territory of the United Kingdom. The BVI has a reputation as one of the attractive offshore jurisdictions for registering and conducting cryptocurrency business. This is facilitated by stable tax and legal systems, as well as a high level of confidentiality within the jurisdiction.

Who needs a cryptocurrency license

Companies whose activities are related to virtual assets in the Virgin Islands must obtain an official permission - a Virtual Asset Service Provider (VASP) license. Permissions are issued by the regulator in the field of digital assets - the Financial Services Commission of the British Virgin Islands (FSC).

VASP allows companies to legitimately carry out activities as a virtual asset service provider. Permission is required for companies that provide the following services:

• cryptocurrency exchange;
• storage and management of cryptocurrency funds;
• services of crypto exchanges, wallets, payment platforms, and other services that are associated with processing cryptocurrency transactions;
• conducting ICO/STO;
• issuance and emission of digital assets.

What is required to obtain a VASP license

To obtain a license for activities in the field of cryptocurrencies and other digital assets in the Virgin Islands, it is necessary to prepare a package of documents, which includes:

• a detailed business plan;
• resumes of directors, shareholders, and other VASP participants;
• confirmation of the VASP resident address in the Virgin Islands;
• confirmation of sufficient technical infrastructure and personnel qualifications;
• information regarding security, risks, and other AML, CFT, and KYS procedures.

The Financial Services Commission may request other data from the license applicant. Providing an exhaustive set of documents in accordance with the requirements of the regulator is necessary for the successful obtaining of a license in the BVI. The timing of obtaining a cryptocurrency license in the Virgin Islands largely depends on the completeness and accuracy of the information provided. The process of obtaining a license can take from 6 to 12 months.

IT-OFFSHORE specialists will help prepare the necessary documents for obtaining a VASP license in the British Virgin Islands in accordance with the current FSC requirements.