VASP License -Other VA Services
VASP license for transfer, portfolio management, advisory, and other virtual asset services not covered by custody or exchange categories.
Virtual Assets Service Providers Act 2022
Capital Required
FSC risk-based assessment
Timeline
3-6 months
Fees
USD 5,000 application + USD 7,500 registration + USD 5,000-10,000 annual
Regulatory Body
BVI Financial Services Commission (FSC)
Legislative Framework
Virtual Assets Service Providers Act 2022 (VASPA)
Last updated: June 2025
Key Requirements
Demonstrate minimum capital adequacy as risk-assessed by FSC based on service type, client numbers, and assets under management/administration.
Establish detailed service descriptions documenting transfer procedures, portfolio management methodologies, or advisory service scope.
Implement client agreement templates covering service terms, fee structures, liability limitations, and dispute resolution procedures.
Maintain client records including service agreements, transaction histories, and performance reporting for regulatory inspection purposes.
Establish documented procedures for client asset handling including transfer authorization, settlement verification, and error correction.
Implement AML/CFT compliance program including customer due diligence, beneficial ownership verification, and transaction monitoring.
Conduct annual compliance audits documenting adherence to service terms, AML procedures, and client protection arrangements.
Establish business continuity procedures ensuring service continuity during operational disruptions or key personnel departures.
Application Process
Prepare detailed service offering documentation describing transfer, portfolio management, or advisory services and operating procedures.
Develop client agreement templates and documented service delivery procedures.
Establish AML/CFT compliance framework including customer due diligence and transaction monitoring procedures.
Prepare capitalization evidence demonstrating adequate capital for proposed service scope and client base.
Submit VASP license application to FSC including service documentation, client agreements, and AML/CFT framework.
Provide detailed operating procedures, compliance documentation, and capital adequacy analysis.
Engage with FSC for review of service procedures and client protection safeguards.
Obtain FSC VASP license and commence service delivery under regulatory supervision.
Expected Total Timeline
3-6 months
Ongoing Obligations
After obtaining your VASP License -Other VA Services, these are the continuing compliance requirements you must maintain.
Maintain capital adequacy throughout licensing period with quarterly reporting to FSC of financial position.
Submit annual compliance reports documenting AML/CFT procedures, customer transactions, and regulatory adherence.
Notify FSC of material changes to service offerings, client base, or operating procedures within 15 days.
Maintain client service records and make available to FSC within 5 business days upon request.
Implement documented procedures addressing client complaints and disputes within 30-day resolution timeline.
Conduct annual compliance audits addressing service delivery, AML/CFT compliance, and client protection safeguards.
Report any suspicious transactions or regulatory violations to FSC immediately upon discovery.
Cost Summary
Capital Requirement
FSC risk-based assessment
Application & Licensing Fees
USD 5,000 application + USD 7,500 registration + USD 5,000-10,000 annual
Jurisdiction Setup Cost
$15,000-$40,000
Annual: $15,000-$35,000
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