British Virgin Islands

• Regulatory clarity. In 2022, the law regulating virtual asset services companies came into force. The law covers a wide range of services and creates a transparent regulatory picture for businesses...
• Solid reputation. The BVI remains one of the most respected offshore jurisdictions with a stable legal system and a favorable regulatory environment for international business.
• Developed infrastructure. Availability of qualified providers of legal, accounting and compliance services, as well as modern digital tools for registration and interaction with the regulator.
• Moderate timeframe for legalization. Obtaining a license for a crypto company can take 4 to 6 months.
• Language. The official language of the BVI is English, which is convenient for doing business.

• Mandatory regulatory requirements. Crypto providers need to comply with fairly stringent AML/CFT, cybersecurity, corporate governance, reporting filings and key personnel designations, which can be burdensome for small and medium-sized businesses. 
• Need for local partners. While remote registration is possible, cryptolicensing may require a resident director, office, and other local resources, which increases reliance on local providers and can affect the flexibility of business setup.
• There is no specific regulation regarding mining and DAOs. For some, the lack of strict regulations may be an advantage, but for those who value transparency and a clear regulatory framework, the uncertainty can be a major obstacle.

The level of expenses for legalization in the jurisdiction is average.

​

• Company formation fee: depends on the type of company, the price varies from USD 450 to USD 7,500.
• Authorized capital: no minimum amount has been set.
• State fee for the application for a license: the amount depends on the type of license, the price varies from USD 5,000 to USD 10,000.
• Authorization fee for application approval and annual license fee: their amount depends on the type of license, the price varies from USD 7,500 to USD 25,000.

• Gathering and preparing the necessary documents.
• Choosing the type of company.
• Company Registration.

• Payment of the registration fee.
• Preparing and submitting documentation to obtain a crypto license.
• Regulator's review of the application and final approval.
• Payment of an authorization fee for approval and an annual fee.