Highlighting the Jurisdiction’s pivotal role, Digital Assets expert, Racheal Muldoon from Maitland Chambers (UK) affirmed that the BVI is positioned to champion progress in regulating virtual assets and fintech, emphasising its commitment to fostering innovation and growth in the sector. Racheal stated this at a panel discussion, which featured leading experts, Guy Williamson from Campbells, Glenford Malone from BVI Financial Services Commission, and Nik Yeo from Fountain Court Chambers (UK).
The panel discussion took place on March 12 a part of BVI Arbitration Week, hosted by the BVI International Arbitration Centre (BVI IAC). The panel, “Fintech Regulations and Disputes”, allowed experts to focus on the evolving landscape of cryptocurrency and fintech regulation in the BVI and the wider Caribbean positioning itself to service the market. BVI Finance CEO Elise Donovan moderated the panel and delved into crucial topics ranging from regulatory regimes to smart contracts and the future of digital currencies.
During the discourse, Racheal, went on to underscore the importance of bridging the gap between technology literacy and regulatory compliance. She emphasised the proactive stance necessary for navigating the rapidly evolving landscape of cryptocurrencies, stressing the need for in-house expertise and proactive regulatory measures to address misinformation and foster public trust.
Guy Williamson provided valuable insights into the practical challenges faced by companies deploying blockchain technology, emphasising the need for flexible regulatory environments and the importance of understanding smart contract complexities.
Glenford Malone, a prominent voice in regulatory affairs concerning Virtual Asset Service Providers (VASPs), provided valuable insights into the delicate balance between centralised and decentralised approaches. He highlighted the pivotal role of legislation in supporting the burgeoning crypto trading sector, particularly emphasising the significance of the BVI’s legislation.
Nick shed light on the regulatory frameworks governing exchanges and corporate intermediaries, advocating for principled-based regulations to effectively tackle issues such as market manipulation and money laundering.
The panelists collectively addressed the imperative of striking a balance between regulatory oversight and fostering innovation within the fintech space. They envisioned a future where central bank digital currencies and crypto assets play a central role in global transactions.
Looking ahead to 2030, Racheal projected a landscape where digital currencies are integrated into mainstream transactions, envisioning a diverse array of national digital currencies. Nick anticipated an increase in regulatory scrutiny and the emergence of disputes within the crypto space, while Guy emphasised the need for regulatory agility in adapting to disruptive technological advancements.
Glenford also highlighted the challenges posed by the cross-border nature of crypto transactions, emphasising the need for collaborative efforts to manage regulatory complexities.
Elise, the moderator, concluded the discussion by underscoring the pivotal role of fintech in shaping the future of dispute resolution and regulatory frameworks.
Arbitration Week 2024 is a biennial week of events centred on arbitration enrichment, global networking, and promotion of the BVI as a premier location for international arbitration. It also served as a platform for thought-provoking discussions and strategic insights into the evolving landscape of crypto and fintech regulation.
For further information please contact:
Adrianna Soverall
Marketing and Media Relations Coordinator
asoverall@bvifinance.vg |Tel: 284-852-1957