The Financial Services Commission (the “Commission”) recognises that there has been some uncertainty throughout the world as it relates to whether the existing regulatory landscape captures virtual asset-related activities and that regulatory responses are not harmonised across jurisdictions. The Commission, through the issuance of the Regulation of Virtual Assets in the Virgin Islands Guidance, seeks to clarify the Territory’s position.
The Commission’s guidance provides clarity on the applicability of existing legislation to virtual asset related activities. Persons engaged in these activities should review the guidance and ensure they adhere to the Commission’s position on the activities within its regulatory remit. Thereby safeguarding against any violation of financial services laws relating to use of or trading in virtual assets in or from within the Territory.
Action Date: Monday, 13 July, 2020
Posting Date: Monday, 13 July, 2020