Incorporating in BVI

Incorporating in BVI

Cryptocurrencies in the British Virgin Islands (“BVI”) are regulated. Instead of a dedicated regime such as the Payment Services Act in Singapore (that specifically identifies and targets cryptocurrencies), the regulatory authorities in the BVI use pre-existing financial laws such as the Securities and Investment Business Act to regulate the issuance and use of cryptocurrencies. For crypto businesses, this means that whether or not you are regulated depends on whether your crypto assets fall within the definitions laid out under those laws. 

 

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FinReg Memo on Incorporating in BVI

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  • Account issuance definition


    • According to MAS (Guidelines)
      last revised 18 December 2019

      The service of issuing a payment account or any service relating to any operation required for operating a payment account, such as an e-wallet (including certain multi-purpose stored value cards) or a non-bank issued credit card.

      According to PS Act

      “account issuance service” means any of the following services:

      (a) the service of issuing a payment account to any person in Singapore;

      (b) any service relating to any operation required for operating a payment account, including —

      (i) any service (other than a domestic money transfer service or a cross-border money transfer service) that enables money to be placed in a payment account; or

      (ii) any service (other than a domestic money transfer service or a cross-border money transfer service) that enables money to be withdrawn from a payment account;

  • Domestic Money Transfer definition


    • According to PS Act

      “domestic money transfer service” means the service of accepting money for the purpose of executing, or arranging for the execution of, any of the following payment transactions, each of which is between a payer in Singapore and a payee in Singapore, in any case where neither the payer nor the payee is a financial institution:

      (a) a payment transaction executed from, by way of or through a payment account;

      (b) a direct debit (including a one‑off direct debit) through a payment account;

      (c) a credit transfer (including a standing order) through a payment account;

      (d) accepting any money from any person for transfer to the payment account of a different person;

  • GYK Group

    GYK Group

    • Finance, Corporate & Consultancy Services
    • Boutique
    • Risk and Compliance Management
    • Incorporation & Corporate Secretarial Services
    • Tax, Accounting & Audit Services
    • Singapore

    GYK Group has more than 40 years of audit, accounting, tax and advisory (Compliance, Risk, Finance and Ops) expertise in Singapore. The group serves entities from FIs/MNCs to SMEs and startups in Singapore and Malaysia, including crypto companies, from incorporation to providing operational support such as the secondment of experienced c-suite officers.

  • Withers KhattarWong LLP

    Withers KhattarWong LLP

    • Singapore Law Firm
    • Large
    • Legal Services
    • Singapore

    Withers KhattarWong LLP offers a full range of legal services to corporations, institutions and successful individuals, including some of the biggest companies and leading families in Singapore. The firm's lawyers are qualified to practice in a wide range of key jurisdictions including Singapore, Australia, British Virgin Islands, India, Indonesia, Malaysia, New Zealand, UK and US.

  • Rajah & Tann Singapore LLP

    Rajah & Tann Singapore LLP

    • Singapore Law Firm
    • Large
    • Legal Services
    • Singapore

    Founded in 1976, Rajah & Tan Singapore LLP is one of the largest full service law firms in Singapore with affiliate offices in Cambodia, China, Indonesia, Laos, Malaysia, Myanmar, Philippines, Thailand and Vietnam. it is a member firm of Rajah & Tann Asia, a network of law firms in Southeast Asia with over 800 fee earners. Rajah & Tann is regarded as one of the "Big Four" law firms in Singapore. Its clientele ranges from multinational and Fortune 500 corporations to emerging high-tech enterprises and start-ups.

  • KGP Legal LLC

    KGP Legal LLC

    • Singapore Law Firm
    • Boutique
    • Legal Services
    • Singapore

    Founded in 2018, KGP Legal LLC is a Singapore-licensed corporate and commercial law firm with an international focus, that provides seamless assistance to clients in Singapore, Hong Kong, China and Japan. It is a member firm of the InterAsia Law Alliance, a network of independent liaison law firms in the region.

  • Millennium Law LLC

    Millennium Law LLC

    • Singapore Law Firm
    • Boutique
    • Legal Services
    • Singapore

    Incorporated in 2019, Millennium Law is a boutique law firm focused on corporate and commercial work and has advised many local and international clients on complex cross-border issues, ranging from corporate matters to multi-party arbitrations. The firm has served various banks, financial institutions, investment funds, multinational corporations to small and medium enterprises (SMEs), and start-ups.

  • PDLegal LLC

    PDLegal LLC

    • Singapore Law Firm
    • Mid-sized
    • Legal Services
    • Singapore

    Established in 2017, PDLegal LLC is a mid-sized full-service law firm based in Singapore. With industry recognised expertise, the firm delivers advocacy and advisory services to clients, based both in Singapore and overseas, on a wide spectrum of matters. The firm also has an India Desk and an active China Practice.

  • Fervent Chambers LLC

    Fervent Chambers LLC

    • Singapore Law Firm
    • Boutique
    • Legal Services
    • Singapore

    Founded in 2020, Fervent Chambers is a boutique firm that possesses core strength in resolving complex commercial disputes, private equity, venture capital and mergers & acquisitions. The firm assists companies from start-ups to listed multinationals and have particular industry expertise in the Construction, Oil & Gas, Shipping, Technology, Clean Energy and Hospitality sectors.

View first page of Memo before payment

Full PDF + 30 min call
AT 200 USD