Country overview

#118
Saint Vincent and the Grenadines

Country stats

Rating Points
75
This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.
Crypto Penetration
1.5%
Estimated percentage of crypto users out of the country's total population based on public data.
Legal Entities
0
Number of crypto companies registered in the country based on regulator data if available or other types of public data.
Regulation Points
60
An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.
Amount of crypto users
1 600
Total amount of crypto users out of the country's total population based on public data.
Taxation points
15
This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.
Market volume points
0
A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.
Status of crypto
Legally allowed
General status of cryptocurrency regulation in this jurisdiction.
Crypto payments
No info
The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.
Security Level
Moderate danger
The overall level of security in a given country based on open data.
Crypto Salaries
No info
The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.
Business Climate
No info
Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.
Stablecoin Regulation
No info
This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.
Bad Factors
No
This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.
Types of licenses
Crypto-to-crypto
This license type allows VASP to provide legal exchange from one cryptocurrency to another.
Crypto-to-fiat
This type of license regulates the exchange from cryptocurrency to fiat.
Wallet/Custody
This country has a legal licensing procedure for companies that store cryptocurrency - - crypto wallet providers and custodians.
Cryptofund
This indicator means that investment funds, trusts, and crypto funds can get regulator approval to provide their activity in the country.
ICO/STO
This indicator describes legal procedures for token sales and security token issuance. This country has a clear regulation framework and licensing procedures for entities that provide this activity.
Good
Medium
Bad
intro

This is general info about crypto regulation in Saint Vincent and the Grenadines (SVG). A more precise overview will be published later. However, if you find any inaccuracy or have other feedback - please write us in telegram @ilya_ii or by e-mail - editor@cryptopenetration.com

Based on Wikipedia (1) the total population of SVG is about 110,872 and the area - 389 km2.

In the March of 2022 SVG Prime Minister Dr Ralph Gonsalves (2) has stated that the country doesn’t have investment citizenship program and such programs are mistake. Based on Visaguide (3) there is no digital nomad visa in the country. However, it’s possible to visit SVG for short term without visa for 90-180 days. Only citizens of Afghanistan, People’s Republic of China, Dominican Republic, Haiti, Iran, Iraq, Lebanon, Nigeria and Syria need to get special entry visa (4) to SVG. Also based on government website (5) it’s possible to get work permit on SVG for employed individuals or self-employed persons.

Saint Vincent and Grenadines is a member of the Eastern Caribbean Central Bank (ECCB) together with Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia. ECCB has draft bill on digital assets (6).

Security level

  Based on Travel Ladies overview (7) SVG is a relatively safe place. However, on Cruises forum (8) there is an information about some crime issues there. That’s why we define the security level here as a moderate danger.  

Crypto Payments

Currently we have no information about crypto payments in SVG and their legal status. Please contact us, if you have this information.

Crypto Salaries

No regulation.

Legal

SVG has implemented the Virtual Asset Business act in May 2022. The St. Vincent Financial Services Authority is regulator, which registers crypto entities under this new legislation. OKX and CoinW have already applied (8) for it. The full version of Virtual Asset Business Act (VABA) () is published on FSA website. Also FSA has suggested in its Notice (10) to VASP “all persons engaging in 9virtual asset business activity to contact the Authority via its email info@svgfsa.com”.

The registration fee for virtual asset business (VAB) is $4,000. According to Offshoreincorporate (11) applicants must pay a security bond of $US100,000 to the FSA and an annual license fee of $12,000.

Based on Manimama (12) and local legislation the following activities are licensed as VAB in SVG:

exchange between a virtual asset and fiat currency;exchange between one or more forms of virtual assets;transfer of a virtual asset whether or not for value - any transaction carried out on behalf of another person that moves a virtual asset from one virtual asset address or account to another;safekeeping or administration of a virtual asset or instruments enabling control over a virtual asset - these services include persons that have exclusive or independent control of the private key associated with virtual assets belonging to another person; andparticipating in and provision of financial services related to an issue or sale of a virtual asset - in particular covers persons who participate in, or provide related financial services to, issuers’ offer and/or sale of virtual assets through activities such as ICOs.

Consulting company Lawrange in its review (13) crypto license in SVG can let the following activities:

Exchange cryptocurrencies among themselves, as well as for fiat and vice versa.Providing crypto exchange services.Placement of ICOs.Providing wallet services.DeFi projects.Work in the form of trading platforms of any kind.

From an AML perspective, the local Financial Intelligence Unit (FIU) (14) regulates VASPs in SVG. However, this country is a popular jurisdiction for Forex business (15), but in 2023 the FSA has tightened (16) regulations for forex brokers.

Taxation

Based on YBCase (17) crypto earnings are exempt from taxation in SVG. According to Coincub (18), some companies are exempt from income tax, capital gain tax and stamp duty.

Based on Orbitax (19) SVG has decreased corporate income tax rate from 30% up to 28%. Local Inland Revenue Department has published PAYE taxtable (20) for personal income tax and the maximum PIT rate is 28%. Tax deduction for individual is $25,000.

Links

1)👉🏻Wikipedia SVG

2)👉🏻St Vincent PM says Citizenship by Investment attracts shady characters Loop

3)👉🏻Saint Vincent and Grenadines Vida Guide

4)👉🏻Non Nationals HC of SVG

5)👉🏻Non Nationals SVG Consulate

6)👉🏻Draft Virtual Asset Bill ECCB

7)👉🏻Saint Vincent and Grenadines Travel Ladies

8)👉🏻Safety in St. Vincent Cruises Forum

9)👉🏻 What is the SVGFSA License, and why regulation for crypto businesses Weex Global Linkedin

10)👉🏻Virtual Asset Business Act 2022

11)👉🏻Notice To All Virtual Assets Service Providers FSA

12)👉🏻St Vincent & The Grenadines VASP Act SUMMARY Offshoreincorporate

13)👉🏻Saint Vincent and the Grenadines` Cryptocurrency Regulation: A Comprehensive Guide Manimama

14)👉🏻Obtaining a crypto license in Saint Vincent and the Grenadines Lawrange

15)👉🏻Financial Intelligence Unit (FIU)

16)👉🏻Rue.ee SVG Forex License

17)👉🏻 AML Regulations in St. Vincent and the Grenadines: the New Rules for Forex Brokers Sumsub

18)👉🏻Saint Vincent and Grenadines YBCASE

19)👉🏻SVG Coincub

20)👉🏻SVG Reduces Personal and Corporate Income Tax from 2023

21)👉🏻SVG INLAND REVENUE DEPARTMENT PAYE TAX TABLES