BVI ventures deeper into cryptocurrency
BVI Finance — the entity responsible for marketing the financial services industry — is continuing its quest to showcase the territory as a premier destination for cryptocurrency enterprises.
Cryptocurrencies are virtual assets which have become increasingly popular as people are increasingly drawn to currencies that aren’t controlled by governments and central banks.
Recently, BVI Finance hosted a cryptocurrency webinar which featured a panel of experts who gave insights into the challenges and opportunities for the BVI within the crypto space.
BVI Finance’s CEO Elise Donovan highlighted the BVI’s significant progress in the virtual assets arena by stating over 60 Virtual Asset Service Providers (VASP) applications are currently under review.
Ronan Kuczaj, CEO of DTL Solutions then shared trends and developments shaping the global crypto space. The versatility of blockchain technology was also highlighted as presenters showed how the cryptocurrency technology can be applied to various sectors, including finance and intellectual property.
Presenters also highlighted that the BVI is poised to attract businesses involved in virtual assets because of the jurisdiction’s economic stability, corporate flexibility, and its well-established legal infrastructure as key factors contributing to its appeal.
Panelists encouraged BVI practitioners to deepen their understanding of the cryptocurrency revolution, citing the significant opportunities it presents. “The crypto landscape offers immense potential for growth and innovation. Our local professionals must be well-versed in this area to leverage these opportunities,” said Michael Killourhy, partner at local firm Ogier.
Killourhy also addressed the volatile nature of cryptocurrencies, acknowledging the apprehensions and excitement it generates. “Let’s all cozy up to crypto and embrace it,” he urged. “It’s a realm of high volatility, often making people nervous due to its rapid fluctuations in value. This volatility can lead to substantial financial gains, but also carries risks of equally significant losses.”
To monitor the growth in the global cryptocurrency space, the OECD developed the Crypto Asset Reporting Framework (CARF) – a new tax transparency framework requiring entities to report customer information for global tax authority exchange.
The BVI is not among the 48 early adopters of the CARF but one presenter pointed out that international pressure might lead to its future implementation in the territory.
Panelists also shared actionable strategies for BVI professionals looking to engage in the digital asset space.
Professionals were advised to develop an understanding of the basics, such as the network, public computer infrastructure, and the significance of protocol tokens like ETH, Tezos, or Bitcoin.
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This won’t end well.
It’s nice to be aware of opportunities like this but we should be cautious in embracing this. In 2021, Charlie Munger wrote: “I hate the bitcoin success and I don’t welcome a currency that’s useful to kidnappers and extortionists and so forth.”
The US$ is still by far the most used currency for criminal activities. This myth that Bitcoin finances terrorism and crime has to stop. Why do you think BH is holding onto its cash?
I guarantee you that there’s wayy more kidnapers and extortionists and so forth being paid in cash today than in crypto. Charlie Munger was brilliant but this is clearly old man thinking. All the investors that were bashing bitcoin at first were secretly buying it. Same thing with Ai, Everybody who was talking bad about it at first was secretly working on developing their own.
So, we’re venturing deeper into the space but at the same time locals can’t even use crypto platforms because they require American ID, Addresses or banking information?
There is very little online payment and trading platforms we have access to but at the same time we seem to be where those companies want to be. Something has got to give because locals miss out on e-commerce opportunities while these companies get to say they’re registered here.
I am a local bvislander that lives in the BVI and I own some crypto and a few crypto domains and nft’s… More can be done to make it more accessible but its not impossible to get into it.
You can sign up with Crypto dot com and using a BVI credit card you can buy whatever crypto currency you wish. Or, better is to buy a ledger hard wallet and you can buy cryptos on the ledger platform. Although with Ledger you do still need a US card for SOME cryptos like xrp, but eth and btc are fine with a BVI card.
The opportunity is out there, the problem is its a new thing and as with all new things people are afraid. But this particular new thing will happen, it is inevitable. Get in while you can.
Thank you for expressing this sentiment on the topic. Nothing but facts!
Anything involving crypto currency is a PONZI SCHEME.
Who tell you that?
What is needed is protecting the sector and people from the banks& global tax schemes that will make up their own rules in their death throe as they feel the hook in the sweet bait called money pull.
Embrace the changes or It’s A Hard Rains A Gonna Fall.
means ‘hidden’ or ‘secret’ in Greek. So let Greece deal with cryptocurrency not the BVI.
BVI is great for hosting scams and making the real players disappear from the public eye. Show government how they can make some money turning yet another blind eye to something as long as “some” get $$ out of the deal.
Thus is just a cover up for the digital beast system. This is a smokescreen. The real deal coming for you soon . Elites speed this up people it’s going to slow for me. I am ready to get to the can’t buy,sell,or trade because I know it’s coming next year
We at all the Fintech conferences yet FSC requires hard paper copies and wet ink and 3-6 months to review (or in the VASP field 2 years). We need to prioritise the easy matters first – digital applications, do away with paper copies (did Irma teach us nothing!) and bring in efficiency.