BVA is a popular and world-famous offshore company managed by the UK. It has an elaborate system of crypto regulation.
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BVA is a popular and world-famous offshore company managed by the UK. It has an elaborate system of crypto regulation.
According to our rating, the British Virgin Islands has a very high danger security level. Homicide level (1) is 8.2 per 100,000 inhabitants a year.
There are precise regulations for crypto payments in BVI. But it’s probably possible to accept crypto payments according to current regulation and its interpretation from Carey Olsen's review (2) of BVA's VASP act.
We need more information about crypto salaries in BVA and their regulation. Please get in touch with us if you have this type of data.
VASPs in the British Virgin Islands are regulated by the Financial Services Commission (FSC). You also may check the AML guide here(3).
VASP Act came into force on 1 February 2023. Any crypto companies providing VASP services must register with the FSC. Carey Olsen (4) has provided an overview of BVA's VASP Act, and according to it, VASPs include crypto exchange, custody, transfers, and other types of activity.
The VASP Act defines a “VASP” as a virtual asset service provider who provides, as a business, a virtual assets service and is registered to conduct one or more of the following activities or operations for or on behalf of another person:
According to Carey Olsen, any entity that wants to register as a VASP also must pay registration fees:
-US$10,000 for an application to provide Virtual Assets Custody Services
-US$10,000 for an application to operate a Virtual Assets Exchange
-US$5,000 for any other virtual assets services.
According to Conyers guide(5) on BVI, there are also available two other types of crypto licenses:
Crypto funds/Mutual Funds
Derivatives (under SIBA)
Also, you can watch a video guide (6) about BVI crypto regulation in English.
Based on Cointelegraph (7), Huobi has a legal entity in the British Virgin Islands.
Tax name | Index |
PIT tax Min | 0 |
PIT tax Max | 0 |
Corporate tax (CIT) | 0 |
Min Individual CGT (for crypto) | 0 |
Max Individual CGT (for crypto) | 0 |
Wealth tax Min | 0 |
Wealth tax Max | 0 |
According to Loebsmith (8), BVI companies are not subject to “income, corporate, capital gains or wealth taxes, withholdings or other similar taxes” under BVI law.
Also, according to Enterslice guide (9), BVI has no double taxation agreement with any jurisdiction, which means it doesn't disclose any information to other jurisdictions except the US - since BVI has signed the US FATCA Agreement to fight against tax evasion. However, businesses that recruit local employees pay a 10% payroll tax.
Most personal income taxes are tax-free, according to Enterslice.
No direct personal taxes are levied in BVI. Personal income, capital gains, net worth, and inheritances are also exempt from taxes.
Payroll taxes at the rate of 8% can be refunded at the expense of the employees. In addition to the payroll taxes, social security is contributed by both employers and employees at the rate of 4.5%.
1)List of countries by intentional homicide rate
2 and 4)Carey Olsen. Every VASP should know ten things about the BVI Virtual Assets Service Providers Act, 2022. Article
5 and 6)Conyers. A Practical BVI Guide to Crypto, Tokens, and VASPs. Article
7)Cointelegraph. Huobi wins a license in the British Virgin Islands, but there is no timeline for the UK yet. Article
8)Loeb Smith. Critical factors for launching virtual assets business in BVI. Article
9)Enterslice. Tax Compliance. Article