Amid UK pressure, BVI forges new paths for financial services
Th BVI’s financial services industry recently reminded the world that they are committed to being a leader in the fintech and digital assets space, as global finance increasingly shifts in that direction.
Digital wallets, blockchain technology, and cryptocurrency are just a few of the growing offerings within the fintech sector—expanding well beyond the realm of tech-savvy youth and now being embraced by governments and large corporations around the world.
At the just-concluded FinTech on the Seas conference, the BVI underscored its intent to establish a robust environment that supports more companies and clients operating in the digital asset space.
“Over the past decade, technological progress has propelled fintech and digital assets from the fringes into the mainstream of global finance. The BVI was among the first jurisdictions to recognise the potential of this transformation. Our launch of a Regulatory Sandbox in 2021 was a pioneering move, designed to test and support new business models in a secure environment,” said Financial Services Minister Lorna Smith.
She added that the territory’s approach extends beyond infrastructure and regulation to building local capacity.
“The investment in our people is critical. Through tailored educational initiatives, we are building a pipeline of talent equipped to guide and grow specialist digital asset businesses. We’re joined today by President Richard Georges of the H. Lavity Stoutt Community College, a co-sponsor of this event, as well as a representative from the Robert Mathavious Institute for Financial Services. Their presence speaks to our belief that education is the engine of innovation,” Minister Smith said.
The BVI’s strategic pivot to fintech and digital assets comes at a time when the jurisdiction is under continued pressure—particularly from the United Kingdom—to implement publicly accessible company registers that would reveal the identities of high-net-worth individuals doing business in the territory. The BVI has maintained that such a move could lead to a loss of business, as many clients value privacy for safety and security reasons.
Financial services remain one of the most vital pillars of the BVI economy, contributing more than half of the territory’s annual revenue. Against that backdrop, Minister Smith said embracing fintech and digital asset offerings is key to ensuring the industry remains competitive and future-ready.
“This evolution not only strengthens our regulatory architecture, but also actively encourages the development of innovative products and services in areas such as blockchain infrastructure, digital identity, and financial technology solutions tailored for global use,” Minister Smith said.
The FinTech on the Seas conference was held on Richard Branson’s Necker Island and attracted stakeholders from around the world, including high-level regulators, founders, fund managers, and technology pioneers.
Copyright 2025 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.
The late Hon Cyril B Romney and the UNITED PARTY were the ones who brought Finacial Services to our shores, and we don’t hear a peep about that, only Lavity this and Lavity that.
Though he did many notable things for the country after, it was him and his political colleagues in their early years who attempted to sell the entire islands, Anegada included, to the South African arparthied reprobates.
Where would these islands, their economy, whose hands it would have been in today, and what condition would te localbe in today?
They would be just struggling economic and depraved servants. Just take an analytic look at the Black African in South Africa today to see where we would be.
Timeshare, subprime, Madoff, Stanford soon to be added blockchain ,Fintech lets jump in with both feet and let the voters repent with their taxes at a later date.
This seems like history repeating itself.The Wichams Cay and Anegada Agreement was put in place by governor Martin Stavely and Kenneth Bates with Attorney General Lionel Barker. Government surveyor Walter L. de Castro picked up on the project and its ramifications for locals. His objections were opposed by H. Lavity Stoutt and he was subsequently relieved of his position. de Castro subsequently informed the Tamrind Tree Boys including Noel Lloyd who formed the positive action movement. When the dust settled Lavity sent Everette O’Neal to tell Lindy sorry. According to O’Neal Lindy broke down in tears having been imprisoned in the dreaded Cell 5 after which he later named his bar in Road Town. BVI has come to what it is today because most people are afraid of victimization and go along to get along.
Thank you for the expanded historical truths. I know of some of them, but your hisorical knowledge in those regards are far refined to mine.
I think i recognize the linguistics as well.
Thanks again,as. many have forgotten or cast aside that critically important history.
If their LIFE Coin scam is anythhihg to go bu this is going to end up in more tears.
Thak you for refining and reinforcing my limited knowledge of that era.
Your comments are worthy to be taught in VI history courses, but i would bet they are not.