Virtual Assets Service Providers (VASPs) Application for Registration (Revised Feb 2025)

Summary

This is the standard application form used by entities seeking registration as a Virtual Assets Service Provider (VASP) with the BVI Financial Services Commission. It collects detailed information on the applicant's corporate structure, ownership, directors and senior officers, operational systems, financials and fitness and propriety, and must be submitted together with numerous supporting documents and declarations.

• Applicant details: Name, BVIBC or partnership number, authorised representative, and details of the person submitting the application.
• VASP type and services: Applicant selects VASP category (VASP, VASP Custody Provider, VASP Exchange, or Custody Provider and Exchange) and the types of virtual asset services offered.
• Directors and senior officers: Names of all directors and senior officers, with Form A applications and supporting documents, plus a register of directors and a human resources statement.
• Ownership structure: Full shareholder listing, share register and ownership chart, details of any encumbrances on shares, corporate shareholder and beneficial owner information, and trust relationship disclosures where applicable.
• Operational provisions: Business plan and supporting frameworks including risk assessment, compliance manual and internal controls, outsourcing agreements, cybersecurity framework, business continuity plan, client handling, custody and safekeeping, and complaints handling procedures.
• Financials and auditors: Financial statements, proposed accounting period and financial year end, accounting and audit standards, and details of a proposed auditor together with confirmation of Commission approval of the auditor (Form B-1).
• Financial resources and insurance: Details of paid up capital and how it will be raised, statement of capital held in other companies, statement of assets and liabilities, holding company accounts for the preceding three years, and professional indemnity or similar coverage.
• Regulatory history and fitness and propriety: Disclosure of any prior regulatory refusals, suspensions, enforcement actions, receivership proceedings, criminal convictions or investigations, bankruptcy, unsatisfied judgment debts, civil liability findings, or regulatory censure involving the applicant or its officers.
• Declarations: Signed declarations by the Authorised Representative or person completing the application, and by the Applicant, confirming the accuracy of the information and documents provided.

The form itself does not state filing deadlines or fees; it is the intake document through which a prospective VASP formally applies for registration with the Commission, supported by extensive documentary evidence.

Key obligations

• Applicants must disclose all directors and senior officers and submit a Form A application and supporting documents for each
• Applicants must disclose full shareholder and ownership structure, including corporate shareholders, beneficial owners, and any trust relationships
• Applicants must submit an approved auditor application (Form B-1) or confirm Commission approval of a proposed auditor before appointment
• Applicants must disclose any prior regulatory refusals, suspensions, enforcement actions, or receivership proceedings involving the applicant or related parties
• Applicants must disclose fitness and propriety matters including criminal convictions, investigations, bankruptcy, unsatisfied judgments, and civil liability findings for the applicant and its officers
• The Authorised Representative and the Applicant must each sign a declaration confirming the accuracy of the information and authenticity of documents submitted
• Applicants must provide supporting operational frameworks including risk assessment, compliance procedures, cybersecurity, business continuity, and complaints handling documentation

Applies to

Virtual Assets Service Providers (VASPs), VASP Custody Providers, VASP Exchanges