Industry 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.