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The VASP Act came into force on 1 February 2023. Any entity wishing to provide virtual asset services or to act as a VASP (as defined below) in or from within the BVI is required to be registered by the Commission. Whilst VASPs already operational at the time the VASP Act came into force had until 31 July 2023 to submit an application to the Commission (enabling them to then carry on providing their virtual asset services whilst their application is under review), any new entities must register with the Commission before commencing any of the activities prescribed by the VASP Act.

An application for registration as a VASP must be made in the Commission’s approved form specifying the category of VASP registration being applied for, and accompanied by, inter alia, (a) a business plan setting out the nature and scale of the virtual asset activities to be conducted, (b) details of the proposed directors, senior officers and compliance officer, including documentation to evidence that they satisfy the Commission’s fit and proper criteria, (c) policies and procedures to be adopted by the applicant to meet the obligations under the VASP Act and the AML/CTF/PF legislative regime, and (d) the applicable application fee.