VASP registration in the British Virgin Islands
The British Virgin Islands requires anyone providing virtual asset services in or from the BVI to register with the Financial Services Commission under the Virtual Assets Service Providers Act 2022. A BVI company providing these services anywhere in the world is treated as doing so from the BVI. Exchanges and custodians face extra requirements and higher capital expectations.
Facts under review · last checked 2026-10-08 · confirm figures with the regulator before relying on them
Regulator · BVI Financial Services Commission (FSC) ↗
Key facts
- Commencement
- Virtual Assets Service Providers Act 2022 in force from 1 February 2023as of 2026-10-08Source ↗
- Registration required
- No person may carry on virtual asset services in or from the BVI without FSC registration; a BVI business company doing so outside the BVI is deemed to act from within the BVIBVI-VASP-Act-s5as of 2026-10-08Source ↗
- Application fee
- US$10,000 for custody or exchange; US$5,000 for other virtual asset services; payable per category applied foras of 2026-10-08Source ↗
- FSC service standard
- Initial comments within 6 weeks of a complete application; process to conclude within six months of submissionas of 2026-10-08Source ↗
Realistic timeline
Who does what, and how long each phase usually takes once work starts. The regulator’s share is outside anyone’s control.
- HartsizScoping and category mapping1–3 weeks
- YouBusiness plan, policies and application pack4–10 weeksHartsiz drafts the pack; the client supplies people, capital and decisions
- RegulatorFSC review6–26 weeksOutside our control; the FSC's own standard is six months from submission
Estimated end to end: 3–9 months. Not a guarantee.
What the regulator expects to see
- Application submitted through an FSC-approved Authorised Representative
- Board with the right mix of skills; corporate directors are not permitted
- Paid-up capital adequate for the business model, higher for exchanges and custodians
- Compliance systems and a compliance officer (VASP Act s. 41)
Questions we get
Our BVI company only serves clients outside the BVI. Do we still need to register?
Yes. Section 5(4) of the VASP Act deems a BVI business company that provides virtual asset services outside the BVI to be doing so from within the BVI.
Can we use a corporate director?
No. The FSC's application guidance states that corporate directors are not permitted for VASPs.