BVI FSC publishes VASP FAQs

Specifically, the FAQs address definitions of virtual assets and VASPs, activities that constitute “virtual asset services”, key AML/CFT expectations, the FSC’s supervisory and enforcement powers, and links to relevant legislation and guidance.

In particular, the FAQs confirm that some of the key compliance obligations for BVI VASPs include the following:

1. Register with the FSC;
2. Maintain effective AML/CFT systems and controls;
3. Appoint a Compliance Officer and Money Laundering Reporting Officer;
4. Maintain accurate records; and
5. Undergo periodic audits.

The FAQs are available on the FSC’s website.