Payward, a unified financial infrastructure platform and the parent company of Kraken, has today announced it has secured Virtual Asset Service Provider (VASP) registrations from the British Virgin Islands Financial Services Commission (BVI FSC). This news further reinforces the jurisdiction's growing role as a global center for digital assets and blockchain-based finance.
Granted under the BVI's Virtual Assets Service Providers Act 2022, the BVI registrations will enable Payward to provide regulated digital asset services to clients operating from or through the BVI, adding one of the world's largest digital asset infrastructure providers to the jurisdiction's growing digital assets ecosystem.
The announcement comes following the launch of BVI Finance’s Destination Digital: An On-Chain Future report at FinTech on the Seas 2026. The report highlights the BVI’s emergence as one of the world's leading jurisdictions for digital assets and tokenized finance, accounting for over 10% of the global market for US tokenized treasuries1 and $1.2 billion of stablecoins2.
Hon. Lorna Smith, OBE, Minister responsible for Financial Services and Economic Development: "Payward’s decision to establish its presence in the Virgin Islands is a strong endorsement of the progressive balance we have achieved between fostering innovation and maintaining a robust approach to regulation. As parent company to one of the world's most trusted digital asset platforms, Kraken, its commitment to security, transparency and compliance aligns closely with the values that underpin our financial services industry. We are delighted to welcome the business to the Virgin Islands and look forward to supporting its continued growth."
Elise Donovan, CEO of BVI Finance, said: “The BVI has long been a cornerstone of international finance. Payward’slicensing is another strong endorsement of the BVI as a trusted jurisdiction for digital assets and further demonstrates the continued confidence that leading global firms have in our legal framework, regulatory architecture and professional ecosystem.”
"From tokenization and stablecoins to blockchain-based financial services, we are seeing continued demand from innovative businesses looking for a jurisdiction that combines regulatory certainty with the flexibility to support responsible innovation.”
About BVI Finance
BVI Finance is responsible for protecting and promoting the British Virgin Islands’ financial services industry. The BVI is recognised as a leading international business and finance centre, offering a robust legal framework, a stable and business-friendly environment, and a strong reputation for regulatory compliance.
With strategic expertise across wealth management, corporate services, trusts, fund administration, and digital assets, the BVI continues to attract global businesses, investors, and financial professionals who use its products and services.
About Destination Digital
Destination Digital: An On-Chain Future is the second annual report of its kind. First launched at Fintech on the Seas in 2026, it looks towards how the BVI is navigating growth beyond borders in an ever-evolving landscape.
For further information, please contact:
Shamahl A. Smith
Communications and Research Officer
ssmith@bvifinance.vg
Tel: 284-852-1957
For your International Media Enquiries, please contact:
MHP Group
Email: bvifinance@mhpgroup.com