Financial services professionals from the British Virgin Islands came together for a two day training on the Virtual Asset Service Provider (VASP) Act, hosted by HLSCC’s Robert Mathavious Institute on September 26-27, 2024. The specialized training, facilitated by Liz Carolina Barahona Quintero, Senior Manager Corporate and Fiduciary Services of FFP BVI, provided attendees with critical insights into the rapidly evolving world of digital assets regulation and blockchain technology.
The course, titled "The VASP Act – Guidance for Financial Services Professionals," covered key topics such as blockchain fundamentals, the application of VASP regulations, and Anti-Money Laundering (AML) guidelines. Attendees, who comprised of financial services professionals from the BVI Financial Services Commission, BVI Finance, law firms, and corporate services firms, engaged in lively discussions on the requirements for operating a VASP license in the BVI and the role of regulatory compliance in the future of digital assets.
One of the standout moments of the training was an open debate that explored the unique challenges and opportunities the BVI faces as it seeks to regulate digital assets and foster innovation in this space. The discussion focused on how the territory can position itself as a leader in the global digital asset market, while balancing regulatory standards to ensure compliance and security.
In a significant milestone for the territory, the first POAP (Proof of Attendance Protocol) token minted from the BVI was created following the completion of the training, symbolizing the BVI’s forward-thinking approach to embracing Web3 and blockchain technologies. This was confirmed by the Business Operational Manager and Founder of POAP Global, Mr. Steve McFadyen. “To the best of our knowledge this is the first token issuer of a Public POAP in the British Virgin Islands”
“We are excited to see the BVI take another step forward in digital asset regulation,” said Liz Carolina Barahona Quintero. “This training equips our financial services professionals with the knowledge and tools they need to navigate the complexities of the digital assets landscape, while also positioning the BVI as a hub for fintech innovation.”
Chidi Liburd, Director of the Robert Mathavious Institute, commented on the success of the event: “This training marks a pivotal moment for the BVI as we continue to grow our expertise in digital assets regulation. The active participation and enthusiasm from our financial services professionals underscore the importance of this knowledge in shaping the future of the territory’s financial industry. We are proud to provide this platform for learning and innovation.”
Participants completed the program with a deeper understanding of VASP regulations, blockchain technology, the broader role of digital assets in the financial services industry and a POAP Token in their Digital Wallets. This successful event is part of the BVI’s ongoing efforts to remain at the forefront of financial innovation and regulatory leadership in the region.
For further information on Financial Services trainings, please contact:
HLSCC Robert Mathavious Institute
Tel: (284) 852-7080
Email: rmi-info@hlscc.edu.vg