Licensing crypto businesses in Saint Vincent and the Grenadines: what has changed and what are the alternatives?
The law came into force
On 31 May 2025, the Virtual Asset Business Act (VABA) officially came into force in Saint Vincent and the Grenadines. From that moment on, any activity related to cryptocurrencies and other digital assets came under direct state regulation.
This was a turning point for the crypto business: what was previously considered a free zone without any special requirements now requires mandatory registration and licensing.
Who is required to obtain a license
According to the law, all companies engaged in the following activities are subject to licensing:
- exchange of cryptocurrencies for fiat and vice versa;
- exchange between different crypto assets;
- transfer of virtual assets;
- storage and management of cryptocurrencies or access keys;
- financial services related to the issuance and sale of digital assets.
This means that any company working with crypto instruments in Saint Vincent and the Grenadines was required to register with the Financial Services Authority and obtain a license.
Consequences for business
The transition period for registration was 30 calendar days. All companies that did not submit their documents by 31 July 2025 were subject to administrative removal from the register.
Thus, entrepreneurs who previously used Saint Vincent and the Grenadines due to its simplicity and lack of regulation now face new challenges:
- increased licensing and support costs;
- additional regulatory compliance requirements;
- reduced flexibility in conducting international crypto business.
Why it matters
The world of cryptocurrencies is evolving rapidly, and many countries are moving from a lenient attitude towards digital assets to strict regulation. In the case of Saint Vincent and the Grenadines, we see a classic example: a country that was previously considered a convenient offshore location for crypto projects now requires licensing and regular reporting. For companies, this means a loss of anonymity, increased bureaucracy, and reduced competitive advantages.
Alternative offshore jurisdictions without crypto regulation
But there is good news. Today, there are jurisdictions where crypto businesses can still operate without licensing and strict control.
Choosing such offshore jurisdictions opens up a number of advantages for entrepreneurs:
- freedom to conduct business without excessive regulatory barriers;
- savings on licensing and legal support;
- confidentiality of corporate structures;
- ease of administration and low operating costs.
We help our clients choose precisely such jurisdictions, while maintaining the flexibility and competitiveness of their crypto projects.
Conclusion
The entry into force of the law in Saint Vincent and the Grenadines is further confirmation that the ‘Wild West’ era in the crypto world is becoming a thing of the past. For crypto entrepreneurs, this is a challenge, but at the same time an opportunity to find a more suitable jurisdiction where business development is possible without excessive pressure from regulators.
If you want to maintain freedom and flexibility without subjecting your project to complex regulations, consider alternative offshore jurisdictions without crypto controls. The stability and success of your crypto business tomorrow depends on the jurisdiction you choose today.
