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| Dimension |
Pinned 🇻🇬 British Virgin Islands (BVI) partly open Verified 2026-08-15
|
🇮🇲 Isle of Man
partly open
Verified 2026-08-15
|
|---|---|---|
| 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). | No dedicated/bespoke crypto licence exists. Virtual asset/virtual-currency businesses not otherwise regulated must register as a 'Designated Business' with the Isle of Man Financial Services Authority (IOMFSA) under the Designated Businesses (Registration and Oversight) Act 2015 (DBRO Act). This is an AML/CTF registration regime only, it confers no market authorisation, conduct-of-business, or prudential status akin to a licence. |
| Regulator | British Virgin Islands Financial Services Commission (BVI FSC) | Isle of Man Financial Services Authority (IOMFSA), administering DBRO Act registration (oversight of some professions may be delegated to a recognised delegated oversight body, e.g. legal/accountancy bodies). |
| Capital requirement | British Virgin Islands (BVI) capital requirement is included in the £349 pass. | Isle of Man capital requirement is included in the £349 pass. |
| Timeline to authorisation | British Virgin Islands (BVI) timeline to authorisation is included in the £349 pass. | Isle of Man timeline to authorisation is included in the £349 pass. |
| Local substance | British Virgin Islands (BVI) local substance is included in the £349 pass. | Isle of Man local substance is included in the £349 pass. |
| Application cost | British Virgin Islands (BVI) application cost is included in the £349 pass. | Isle of Man application cost is included in the £349 pass. |
| Ongoing cost | British Virgin Islands (BVI) ongoing cost is included in the £349 pass. | Isle of Man ongoing cost is included in the £349 pass. |
| Passporting | British Virgin Islands (BVI) passporting is included in the £349 pass. | Isle of Man passporting is included in the £349 pass. |
| MiCA CASPs approved | British Virgin Islands (BVI) mica casps approved is included in the £349 pass. | Isle of Man mica casps approved is included in the £349 pass. |
| Key restrictions | British Virgin Islands (BVI) key restrictions is included in the £349 pass. | Isle of Man 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. | Following its 2024 consultation on a more substantive crypto licensing regime, the IOMFSA retained the current DBRO-Act registration approach for now and may reconsider it in a future policy cycle. The consolidated Isle of Man Financial Services Authority (Fees) Order 2026, following a consultation that closed on 18 December 2025 and a feedback statement on 17 February 2026, took effect on 1 April 2026 and raised most fees, including designated-business fees, by about 2.9 per cent in line with CPI. |
| Difficulty rating | British Virgin Islands (BVI) difficulty rating is included in the £349 pass. | Isle of Man 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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