British VI: Update - Virtual Assets Service Providers Act, 2022 - Investment & Corporate

British VI: Update - Virtual Assets Service Providers Act, 2022

Grant Thornton Vietnam

5th June 2023

The Virtual Asset Service Provider Act, 2022 came into force on 1 February 2023. The VASP Act describes the activities that require registration through the definitions of key terms such as virtual assets, virtual assets service and VASPs.

We are pleased to introduce the Virtual Asset Service Provider Act, 2022 (the “VASP Act”) came into force on 1 February 2023. The VASP Act describes the activities that require registration through the definitions of key terms such as virtual assets, virtual assets service and VASPs. Basically a virtual asset is a digital representation of value that can be digitally traded or transferred and can be used for payment or investment purposes.

Key features of the Virtual Asset Service Provider Act include:

Details of the application and approval requirements for registration as a VASP, including additional specific requirements for VASPs seeking to provide virtual assets custody services or operate a virtual assets exchange;
The requirement to appoint authorized representatives
The requirement to appoint an auditor approved by the Commission
Details of the information that a registered VASP must report to the Commission on an ongoing basis;

For BVI entities carrying on such a service prior to the enforcement of the Act, a six-month grace period until 31 July 2023 will be adopted. Any entity carrying on VASPs without being registered under the Act is liable on conviction to a fine of up to US$100,000 and/or 5 years imprisonment.

Should you need any clarification, please kindly contact our experts.

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