Financial Services (Fees) (Amendment) Regulations, 2023, and Virtual Assets Service Providers Act, 2022 New Fee Updates

The BVI Financial Services Commission introduces the Financial Services (Fees) (Amendment) Regulations, 2023 (the “Regulations”), gazetted on January 25, 2023 and scheduled to come into force on April 1, 2023. Of particular notice, the Schedules also contain provisions in Item No. xi relating to the Virtual Assets Services Providers Act, 2022, put into effect on February 1, 2023. The Regulations entirely repeal and replace the Schedule of regulatory fees.

Registered agents and all applicants must ensure that proper fees are submitted following the Regulations update. The new Schedule of Fee Changes is outlined here.