The British Virgin Islands has enacted a new Virtual Assets Service Providers Act, which will bring the BVI into line with international standards on anti-money laundering and countering financing of terrorism. The legislation will provide a legal and regulatory framework for Virtual Asset Service Providers, which are entities that provide services relating to virtual assets. The Act also introduces a licensing regime for Virtual Asset Service Providers and sets out a number of requirements for them to comply with, such as the requirement to appoint a compliance officer and to establish risk management and operational procedures, and provides for the regulation of Initial Coin Offerings and the registration of Initial Coin Offerings with the BVI Financial Services Commission.
