Pin and benchmark
Pin the jurisdiction you are leaning towards, then line up to 5 rivals against it. Every unlocked figure shows where a peer beats it or loses to it on capital, timeline, cost and difficulty, so one screen tells you whether your first choice actually holds up.
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| Dimension |
Pinned 🇻🇬 British Virgin Islands (BVI) partly open Verified 2026-07-02
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🇰🇾 Cayman Islands
partly open
Verified 2026-07-03
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|---|---|---|
| Licence type | VASP registration under the Virtual Assets Service Providers Act, 2022 (in force 1 February 2023). Three categories: (1) General VASP registration (e.g. transfer/brokerage/advisory services not falling into the other two categories), (2) Virtual Assets Custody Service registration, (3) Virtual Assets Exchange registration. Entities can hold multiple categories if they pay the applicable fee for each. ICO/ITO token issuance alone does not require registration if no other regulated virtual asset service is provided (per FSC Circular 43/2025 FAQ). | Two-tier regime under the Virtual Asset (Service Providers) Act (VASP Act, as amended). Phase 1 (in force since 2020): VASP Registration, required for virtual asset services generally that are not custody or trading-platform operation; AML/CFT-focused, lighter touch. Phase 2 (in force since 1 April 2025): VASP Licence, mandatory for entities operating a virtual asset custody service or a virtual asset trading platform; registration is no longer available for these two activity categories. A narrow waiver from registration/licensing is available for entities already licensed under another Cayman regulatory law. |
| Regulator | British Virgin Islands Financial Services Commission (BVI FSC) | Cayman Islands Monetary Authority (CIMA) |
| Capital requirement | British Virgin Islands (BVI) capital requirement is locked. Unlock with the £349 pass. | Cayman Islands capital requirement is locked. Unlock with the £349 pass. |
| Timeline to authorisation | British Virgin Islands (BVI) timeline to authorisation is locked. Unlock with the £349 pass. | Cayman Islands timeline to authorisation is locked. Unlock with the £349 pass. |
| Local substance | British Virgin Islands (BVI) local substance is locked. Unlock with the £349 pass. | Cayman Islands local substance is locked. Unlock with the £349 pass. |
| Application cost | British Virgin Islands (BVI) application cost is locked. Unlock with the £349 pass. | Cayman Islands application cost is locked. Unlock with the £349 pass. |
| Ongoing cost | British Virgin Islands (BVI) ongoing cost is locked. Unlock with the £349 pass. | Cayman Islands ongoing cost is locked. Unlock with the £349 pass. |
| Passporting | British Virgin Islands (BVI) passporting is locked. Unlock with the £349 pass. | Cayman Islands passporting is locked. Unlock with the £349 pass. |
| MiCA CASPs approved | British Virgin Islands (BVI) mica casps approved is locked. Unlock with the £349 pass. | Cayman Islands mica casps approved is locked. Unlock with the £349 pass. |
| Key restrictions | British Virgin Islands (BVI) key restrictions is locked. Unlock with the £349 pass. | Cayman Islands key restrictions is locked. Unlock with the £349 pass. |
| Recent changes | November 2025: FSC issued Industry Circular 43 of 2025, publishing a comprehensive 'Understanding Virtual Assets and VASP Regulation' FAQ document clarifying scope (e.g., confirming pure ICO/ITO token issuance without other regulated activity does not require VASP registration). March 2025: BVI launched the Virtual Asset Service Providers Advisory Committee (VASPAC), a public-private body to enhance regulation/supervision of the sector, first meeting 27 March 2025. The FSC's Compliance Inspection Unit began a major round of onsite VASP/TCSP/Investment Business inspections in 2025 running through Q1 2026, focused on AML/CFT/CPF controls, internal audit, and staff training. | Phase 2 licensing (custody and trading platforms) came into force 1 April 2025, with a 90-day transition deadline of 30 June 2025 for existing registrants to convert to a licence. CIMA updated the VASP application forms, Rule, and Statement of Guidance in December 2024 ahead of Phase 2. From 1 December 2025, CIMA introduced a new quarterly financial reporting requirement via the REEFS portal, layered on top of the existing annual audited accounts requirement. CIMA conducted a Thematic Desk-Based Review of 11 regulated VASPs (September 2024-February 2025), with findings published November 2025 and a further legal briefing in February 2026, identifying gaps in board composition, cybersecurity governance, staff training, and sanctions-screening practices. A Phase 3 is expected but not yet commenced as of mid-2026. |
| Difficulty rating | British Virgin Islands (BVI) difficulty rating is locked. Unlock with the £349 pass. | Cayman Islands difficulty rating is locked. Unlock with the £349 pass. |
Informational only, not legal advice. A delta compares the sortable figure only (capital, timeline, cost, difficulty, passporting, approvals); it is not a judgement on overall suitability. Verify with qualified counsel before acting.