The Virtual Assets Business Act of Saint Vincent and the Grenadines (“SVG”) was recently published by the Financial Services Authority.
The act regulates Virtual Assets Businesses incorporated in St. Vincent.
According to this law, the following categories of business are now subject to regulation in St Vincent & the Grenadines:
- Exchange between virtual assets and fiat currency;
- Exchange between one or more forms of virtual assets;
- Transfer of virtual assets whether or not for value;
- Safekeeping and administration of virtual assets or instruments enabling control over virtual assets; or
- Participating in or provision of financial services related to an issue or sale of virtual assets.
The abovementioned businesses, if incorporated in SVG, must now be registered with the Financial Services Authority as Virtual Assets Business and included in the special register maintained by the FSA. The Act is now published on the website of the FSA.
Additionally, the Act imposes some obligations for such businesses including appointment of an eligible Auditor and submission of Audited Accounts on a yearly basis.
The Virtual Assets Business Act was passed on 10th of May 2022 in order to keep with the global trend for regulation and to create a regulatory framework according to the St. Vincent Times.
The main requirements as regards an applicant for a VASP License in SVG are:
- Must pay a security bond of $US100,000 to the SVG FSA
- Must pay an annual license fee of $12,000
- Must have a local Authorised Representative
- Must submit quarterly reports to the FSA including details of number of customer accounts and their USD value
- Must submit annual audited financial statements to the FSA
- Annual economic substance reporting
- Must do customer due diligence, transaction monitoring and PEP screening and
- Must report suspicious activities
OCI can assist you to apply for a VASP License in SVG. Would you like to know more? Then please Contact Us:
DISCLAIMER: OCI is a Company/Trust/LLC/LP/Foundation Formation Agency. We are not tax advisers or legal advisers. You are advised to seek local legal/tax/financial advice in regards to your local reporting/tax requirements before committing to set up or use an Offshore Company or other entity.