The British Virgin Islands (BVI) – an overseas territory of Great Britain, which is one of the most attractive offshore zones in the world. BVI's reputation as a leading offshore financial center, combined with a stable tax and regulatory system, contributes to the jurisdiction being in demand among financial businesses in the field of cryptocurrencies and blockchain.

What is a VASP license

Companies whose activities are related to virtual assets in the British Virgin Islands need to go through the Virtual Asset Service Provider (VASP) licensing procedure. The regulator in the jurisdiction is the British Virgin Islands Financial Services Commission (FSC).

VASP is a permit issued by the FSC to operate as a virtual asset service provider. Having a VASP license allows:

• legitimately providing services to cryptocurrency exchanges, wallets, payment platforms, and other services that are associated with processing cryptocurrency transactions;
• cooperating with international banks and payment systems;
• establishing a presence in one of the leading offshore zones;
• increasing the level of trust of clients and partners by demonstrating compliance with global AML, KYC, and data security standards.

How to obtain a VASP license in BVI

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;
• CVs of directors, shareholders, and other VASP participants;
• confirmation of the VASP's resident address in the Virgin Islands;
• confirmation of sufficient technical infrastructure and staff qualifications;
• information regarding security, risks, and other AML, CFT, and KYS procedures.

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

If you are interested in obtaining a VASP license in the British Virgin Islands, IT-OFFSHORE specialists will help prepare the necessary documents in accordance with the FSC requirements.