Virtual Assets experts say its a balancing act between encouraging business innovation and managing risks associated with virtual assets. “While the BVI is committed to fostering a business-friendly environment, it is equally focused on ensuring that businesses operate safely and comply with international standards,” said Kishelle Blaize Cameron, Deputy Director of Specialized Supervision at the BVI Financial Service Commission (FSC). Blaize Cameron participated as a panelist at the Commitment and Collaboration Outreach Series which was held at the Eileene Parsons Auditorium, H. Lavity Stoutt Community College.
BVI Finance CEO Elise Donovan moderated the insightful panel discussion focused on the dynamic and evolving world of virtual assets and cryptocurrency. This event brought together experts from both regulatory and industry sectors to discuss current trends, regulatory frameworks, and the emerging risks associated with virtual assets in the British Virgin Islands (BVI).
Exploring the Regulatory Landscape
Donovan, opened the panel discussion, emphasizing the importance of understanding the fast-paced evolution of virtual assets. She noted, “The virtual assets sector is moving rapidly in this digital age, presenting both opportunities and risks. Our jurisdiction has been marked as medium to high risk due to the emerging nature of virtual assets.”
The expert panel also included:
• Kenisha Benjamin, Virtual Assets Analyst at the Financial Investigation Agency (FIA)
• Liz Carolina Barahona, Senior Manager of Corporate and Fiduciary Services at FFP (BVI) Limited.
These panelists provided critical insights into the development of the BVI's Virtual Asset Service Providers (VASPs) legislation, highlighting ongoing regulatory efforts and the importance of compliance.
Current Regulatory Framework and Global Comparisons
Blaize Cameron outlined the regulatory regime in the BVI, noting that the jurisdiction has implemented a robust framework governing VASPs. She emphasized that the regulatory approach in the BVI aligns with global standards such as those outlined by the Financial Action Task Force (FATF). Cameron explained, "We continue to develop regulations that ensure the safety and integrity of virtual asset transactions while fostering business growth." The regulator received 60+ applications under the VASP regime, she outlined that “while the onboarding process may seem slow to some applicants, it is necessary to ensure that only legitimate and compliant businesses are allowed to operate.”
Barahona added that the BVI compares favorably to other international finance centers such as Seychelles and Brazil in terms of implementing FATF’s Recommendation 15, which governs virtual asset service providers.
Addressing Risks and Opportunities
Panelists also discussed the risks associated with virtual assets, including money laundering, fraud, and transactions involving darknet entities. Benjamin provided valuable insights into the trends the FIA has observed, including the increase in Suspicious Activity Reports (SARs) related to virtual assets. "With the speed and anonymity associated with cryptocurrencies, we are seeing a rise in suspicious activity, particularly involving terrorist financing and child exploitation material," she said.
Building a Stronger Ecosystem
A key takeaway from the panel was the need for collaboration between regulatory bodies and private sector participants. Cameron emphasized the importance of continuous risk assessment and having the right compliance mechanisms in place to protect the integrity of the BVI’s financial services industry.
Barahona and Benjamin also highlighted the role of technological tools and ongoing training to ensure that BVI-based VASPs and regulatory professionals stay ahead of emerging trends. "We need a holistic ecosystem—where regulators, businesses, and educators collaborate to build capacity and ensure that BVI remains a leading jurisdiction in this space," Barahona stated.
Conclusion and Future Steps
As the virtual asset and cryptocurrency landscape continues to evolve, BVI Finance remains committed to supporting the development of a well-regulated, innovative, and secure virtual asset industry. The panel concluded by encouraging businesses to invest in training and development to stay compliant and competitive in the global marketplace.
For further information and access to resources, please contact:
Adrianna Soverall
Marketing and Media Relations Coordinator, BVI Finance
Email: asoverall@bvifinance.vg | Tel: 284-852-1957