VASP License Application
The application for an entity applying to the Commission to be licensed as a VASP must include the following information:
- the names and addresses of the persons proposed as directors and senior officers of the VASP (and at least two of the directors must be individuals);
- the names and addresses of the persons who hold shares, including their level of shareholding in the VASP;
- the names and addresses of the persons who have a ‘controlling interest’ in the VASP (which term refers to a person with control over the VASP, but who is not a shareholder or director);
- the physical address in the BVI of the VASP;
- the name and address of the auditor of the VASP including the auditor’s consent to act as such;
- the name and address of the proposed authorised representative of the VASP (whose main function is to be the intermediary between the VASP and the Commission);
- a detailed business plan in relation to the VASP which will need to include information relating to knowledge and expertise, size scope and complexity of the VASP, how the VASP will be marketed, human resource capacity, outsourcing arrangements, initial capital and financial projections, among other things;
- a written risk assessment of the VASP, outlining the risks the VASP will or may be exposed to and specifying how those risks are to be identified, measured, assessed, monitored, controlled and reported;
- a written manual showing how the applicant, if granted registration, intends to comply with the requirements of the Act and any regulations made thereunder, including how the applicant intends to safeguard against the activities of money laundering, terrorist financing and proliferation financing;
- the internal safeguards and data protection (including cyber security) systems intended to be utilised; and
- the system to be put in place on how the VASP will handle client assets, custodian relationships and complaints.
The Commission has the power to request additional information as it may consider appropriate in support of the application, in addition to that specified above. In addition, each director, senior officer, and person with a significant or controlling interest in the VASP must meet the “fit and proper” criteria as outlined in the BVI Regulatory Code. In making the fit and proper determination, the Commission will have regard to the (a) honesty, integrity, and reputation, (b) competence and capability, and (c) financial soundness of each of those individuals.
Functionaries and Ongoing Obligations of a VASP
A VASP must at all times have the following functionaries:
- an authorised representative;
- an auditor for the purpose of auditing its financial statements; and
- an individual approved by the Commission who acts as compliance officer, to ensure compliance by the VASP with the provisions of the Act and related legislation.
A VASP will also be subject to a number of ongoing obligations, including the following:
- to notify the Commission of any changes in the information submitted as part of its application;
- to submit a copy of its auditor’s report on an annual basis;
- to file a return containing various details relating to the financial position of the VASP, information on its client base including level of exposure and geographical location, key performance indicators, and complaints received from clients and how they have or are being resolved;
- to ensure that client assets are identified or identifiable, and appropriately segregated and accounted for, and to immediately notify any client and the Commission in the event that an asset has in any way been unlawfully interfered with or otherwise compromised (including details of the steps the VASP has taken or is taking to restore the client’s assets and protect the assets from any further unlawful interference or from otherwise being compromised); and
- to perform customer due diligence, comply with laws relating to money laundering, terrorist financing and proliferation financing, and maintain relevant records (which includes an obligation on the VASP to adopt measures to assist it in tracing and collecting the IP addresses of its customers, including their associated dates, stamps, geographical data, device indicators, virtual asset wallet addresses and transaction hashes).
In addition to the above, unless the VASP is listed on a recognised exchange, the consent of the Commission must be obtained prior to any person who owns or holds a significant or controlling interest in a VASP directly or indirectly selling, transferring, charging, or otherwise disposing of that interest in whole or part.
How ATRIUM BVI Can Help You!
The BVI has taken a significant step in establishing regulations for virtual assets service providers, reflecting the ongoing growth of the fintech sector. The Act offers clarity on various aspects, and it is anticipated that further guidelines will enhance understanding of how it applies to various business types in this evolving environment.
Atrium BVI boasts a dedicated business development team specializing in tailor-made wealth preservation and enhancement solutions. This expert team delivers tax-efficient structures to facilitate cross-border transactions.
The knowledgeable professionals at Atrium BVI will guide you in making informed decisions while providing continuous support throughout the process. They can assist you in devising and executing strategies that enable you to manage your financial affairs with absolute confidentiality in an environment free from adverse tax implications.
Should you have any question or related matter you may need to discuss or clarify, do not hesitate to contact us.
Our Business Team will be more than happy and pleased to provide you free assistance, to assist you to properly reach your professional goals.
Open a Business Company in the British Virgin Islands today!
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LEGAL DISCLAIMER
The information and materials contained in this website do not constitute an offer, invitation, solicitation, advice or recommendation to buy the products and services offered and rendered by Atrium & Associates (BVI) Ltd and shall be applied with prior consultation.
Atrium & Associates (BVI) Ltd does not offer legal or tax advice without consultation with certified professionals with related appropriate skill and expertise.
The information contained in this website is for general guidance on matters of interest only and should not be considered as guidance for financial or tax decisions, or a substitute for specific professional consultation.
While we have made every effort to ensure that the information contained in this website is accurate and correct due to constant changes in laws, rules and regulations Atrium & Associates (BVI) Ltd accepts no liability for any loss or damage arising directly or indirectly from action taken or not taken relying on the information contained in this website. In particular no warranty is given as to the completeness, accuracy, reliability of such information and as to whether it is at all times up to date.
Atrium & Associates (BVI) Ltd accepts no liability for any loss or damage direct or indirectly arising from the application of any information contained in this website, including any loss, damage or expenses arising from, but not limited to, any defect, error, mistake, inaccuracy, reliability of this website, its contents or related services, or due to any unavailability of this Site or any part thereof of any contents or related services.
Registered with I.C.O. – Information Commissioner’s Office, under the Data Protection (Charges and Information) Regulations 2018 (the Regulations)
TBA & Associates – Tax Business Advisors Limited
Registered in England | Company Reg. No. 07074712 | Registered office at SVS House, Oliver Grove, SE25 6EJ London | VAT Registration Nr: 114329148
Registered as Trust and Corporate Service Provider | Supervised by HMRC Anti-Money Laundering Supervision | Registration number: XWML00000128543
Registered as Authorised Corporate Service Provider (ACSP)
Compliance
AML Policy & KYC Requirements
Private Client ID
Terms & Conditions
GDPR
Cookie Policy (EU)
Company
Who we are
Contact us
Services
Packages & Inclusions
Asset Protection Trusts
Bank Account
Shelf Companies
LEGAL DISCLAIMER
The information and materials contained in this website do not constitute an offer, invitation, solicitation, advice or recommendation to buy the products and services offered and rendered by Atrium & Associates (BVI) Ltd and shall be applied with prior consultation.
Atrium & Associates (BVI) Ltd does not offer legal or tax advice without consultation with certified professionals with related appropriate skill and expertise.
The information contained in this website is for general guidance on matters of interest only and should not be considered as guidance for financial or tax decisions, or a substitute for specific professional consultation.
While we have made every effort to ensure that the information contained in this website is accurate and correct due to constant changes in laws, rules and regulations Atrium & Associates (BVI) Ltd accepts no liability for any loss or damage arising directly or indirectly from action taken or not taken relying on the information contained in this website. In particular no warranty is given as to the completeness, accuracy, reliability of such information and as to whether it is at all times up to date.
Atrium & Associates (BVI) Ltd accepts no liability for any loss or damage direct or indirectly arising from the application of any information contained in this website, including any loss, damage or expenses arising from, but not limited to, any defect, error, mistake, inaccuracy, reliability of this website, its contents or related services, or due to any unavailability of this Site or any part thereof of any contents or related services.
Registered with I.C.O. – Information Commissioner’s Office, under the Data Protection (Charges and Information) Regulations 2018 (the Regulations)
TBA & Associates – Tax Business Advisors Limited
Registered in England | Company Reg. No. 07074712 | Registered office at SVS House, Oliver Grove, SE25 6EJ London | VAT Registration Nr: 114329148
Registered as Trust and Corporate Service Provider | Supervised by HMRC Anti-Money Laundering Supervision | Registration number: XWML00000128543
Registered as Authorised Corporate Service Provider (ACSP)
Compliance
AML Policy & KYC Requirements
Private Client ID
Terms & Conditions
GDPR
Cookie Policy (EU)
Company
Who we are
Contact us
Services
Packages & Inclusions
Asset Protection Trusts
Bank Account
Shelf Companies
LEGAL DISCLAIMER
The information and materials contained in this website do not constitute an offer, invitation, solicitation, advice or recommendation to buy the products and services offered and rendered by Atrium & Associates (BVI) Ltd and shall be applied with prior consultation.
Atrium & Associates (BVI) Ltd does not offer legal or tax advice without consultation with certified professionals with related appropriate skill and expertise.
The information contained in this website is for general guidance on matters of interest only and should not be considered as guidance for financial or tax decisions, or a substitute for specific professional consultation.
While we have made every effort to ensure that the information contained in this website is accurate and correct due to constant changes in laws, rules and regulations Atrium & Associates (BVI) Ltd accepts no liability for any loss or damage arising directly or indirectly from action taken or not taken relying on the information contained in this website. In particular no warranty is given as to the completeness, accuracy, reliability of such information and as to whether it is at all times up to date.
Atrium & Associates (BVI) Ltd accepts no liability for any loss or damage direct or indirectly arising from the application of any information contained in this website, including any loss, damage or expenses arising from, but not limited to, any defect, error, mistake, inaccuracy, reliability of this website, its contents or related services, or due to any unavailability of this Site or any part thereof of any contents or related services.
Registered with I.C.O. – Information Commissioner’s Office, under the Data Protection (Charges and Information) Regulations 2018 (the Regulations)
TBA & Associates – Tax Business Advisors Limited
Registered in England | Company Reg. No. 07074712 | Registered office at SVS House, Oliver Grove, SE25 6EJ London | VAT Registration Nr: 114329148
Registered as Trust and Corporate Service Provider | Supervised by HMRC Anti-Money Laundering Supervision | Registration number: XWML00000128543
Registered as Authorised Corporate Service Provider (ACSP)
