Regulatory Alerts2020-07-10
Guidance on Regulation of Virtual Assets in the Virgin Islands
The Financial Services Commission of the British Virgin Islands issues this guidance to clarify licensing requirements for virtual asset activities under existing financial services legislation. The document distinguishes utility tokens from investment-type digital assets, outlining specific regulated activities such as custody, exchange operations, and debt instruments under the Securities and Investment Business Act. It establishes a six-month compliance period for existing intermediaries to secure necessary licenses or certificates, ensuring ongoing adherence to anti-money laundering and regulatory codes.
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