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How the British Virgin Islands Become Global Leader in Virtual Assets Market

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Virtual Assets the British Virgin Islands: File Image

Virtual assets have transformed the financial services market, presenting significant challenges for regulators worldwide. Initial skepticism towards cryptocurrencies and non-bank fintech projects has given way to regulatory frameworks, and blockchain technologies are gradually gaining acceptance in the banking sector in the Virgin Islands.

Many jurisdictions, including the British Virgin Islands (BVI), are creating favorable conditions for the registration and licensing of crypto startups, attracting foreign investors. The law firm SBSB Fintech Lawyers has been providing comprehensive support for fintech projects since 2013, helping them obtain licenses for legal cryptocurrency operations.

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Crypto Sector Regulating and BVI Crypto License

The government of the British Virgin Islands BVI has officially aimed to turn the territory into a global center and innovative ecosystem for digital assets. In 2001, the Financial Services Commission, responsible for overseeing the financial market and virtual assets, was established on the territory of the jurisdiction. In 2023, the government passed the VASP Act, which mandates the licensing of cryptocurrency activities.

Violations of the established norms are subject to penalties. SBSB Fintech Lawyers offers detailed guidance on their website about which projects need to obtain a BVI crypto license and how to register a crypto company. Since 2020, the “Regulatory Sandbox” has been operational, allowing participants to test their innovations — financial products and services.

A transparent legal framework, openness to innovation, and a proactive approach to legislative changes in line with fintech sector developments are among the primary reasons BVI has gained popularity among entrepreneurs.

The jurisdiction complies with international FATF standards, which set rules for combating money laundering, terrorism financing, and the proliferation of weapons of mass destruction. This compliance enhances the country’s reputation as a safe platform for launching, developing, and expanding businesses.

Obtaining BVI Crypto License — Opportunities for Crypto Startups

Assets Market

BVI is becoming an increasingly attractive location for registering crypto businesses. Key factors in choosing this jurisdiction for licensing include high confidentiality of data protection, a stable economic and political environment, and a favorable tax system.

The licensing process requires a thorough understanding of legislative acts and regulatory requirements, and after the project is launched, adherence to AML/CFT/CPF standards. The international company SBSB Fintech Lawyers assists in navigating this process, providing a comprehensive service package from consultations to legal support following the official launch of the business.

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