The BVI continues to change legislation regulating virtual assets.
According to the provisions of the relevant law, a company that wants to work with cryptocurrency must apply for a license within 6 months. The BVIs are trying to create a favorable environment for working with digital assets on their territory. The authorities believe that a strong legal framework should be developed to work in this area.
At the end of March, out of 80 applications received, the Financial Services Commission approved only 2. Two companies received long-awaited licenses: Portofino Technologies Globa and ONEiO International Limited.
Virtual asset service providers operating in the BVI are required to comply with strict AML and CFT regulations.