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| Dimension |
Pinned 🇻🇬 British Virgin Islands (BVI) partly open Verified 2026-08-15
|
🇬🇬 Guernsey
partly open
Verified 2026-10-01
|
|---|---|---|
| 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). | Part III VASP Licence under the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 ('LCF Law'). Covers virtual asset exchange, transfer, safekeeping/custody, administration, and issuance/ICO services. This is a genuine substantive licensing regime (not merely AML registration), which came into full effect 1 July 2023 (application window opened 1 February 2023). |
| Regulator | British Virgin Islands Financial Services Commission (BVI FSC) | Guernsey Financial Services Commission (GFSC). |
| Capital requirement | British Virgin Islands (BVI) capital requirement is included in the £349 pass. | Guernsey capital requirement is included in the £349 pass. |
| Timeline to authorisation | British Virgin Islands (BVI) timeline to authorisation is included in the £349 pass. | Guernsey timeline to authorisation is included in the £349 pass. |
| Local substance | British Virgin Islands (BVI) local substance is included in the £349 pass. | Guernsey local substance is included in the £349 pass. |
| Application cost | British Virgin Islands (BVI) application cost is included in the £349 pass. | Guernsey application cost is included in the £349 pass. |
| Ongoing cost | British Virgin Islands (BVI) ongoing cost is included in the £349 pass. | Guernsey ongoing cost is included in the £349 pass. |
| Passporting | British Virgin Islands (BVI) passporting is included in the £349 pass. | Guernsey passporting is included in the £349 pass. |
| MiCA CASPs approved | British Virgin Islands (BVI) mica casps approved is included in the £349 pass. | Guernsey mica casps approved is included in the £349 pass. |
| Key restrictions | British Virgin Islands (BVI) key restrictions is included in the £349 pass. | Guernsey key restrictions is included in 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. | The Lending, Credit and Finance (Amendment) Rules, 2026 were made on 9 September 2026 and took effect on 1 October 2026. They removed the blanket restriction on VASPs serving retail customers, removed the VASP-specific environmental reporting requirement, and reduced duplicate licensing for firms already regulated by the GFSC. The GFSC says work continues on stablecoins, digital custody and technology for anti-financial-crime compliance. |
| Difficulty rating | British Virgin Islands (BVI) difficulty rating is included in the £349 pass. | Guernsey difficulty rating is included in 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.
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