SVG: Crypto sphere (VASP) — new regulatory expectations from the FSA from November 2025
In Saint Vincent and the Grenadines, the regulator has significantly clarified the practical requirements for Virtual Assets Businesses (VAB).
Essence of the change
- On 25 November 2025, the Financial Services Authority (FSA) issued Virtual Assets Businesses Guidelines.
- The guidelines are published on the basis of Section 43D of the Financial Services Authority (Amendment) Act, 2025.
- The document establishes an applied compliance baseline for VABs.
Key expectations of the regulator
Capital and deposits
- paid-up capital: min. EC$50,000; authorised capital: EC$300,000;
- statutory deposit: EC$100,000 or 25% of customer liabilities (whichever is greater);
- deposit — in a bank under the Banking Act, 2015, pledged/trusted to the FSA.
Customer funds
- mandatory segregation and prohibition of commingling in the Regulations.
IT / cybersecurity / audit
- before starting operations — comprehensive IT audit (expected auditor qualification — CISA);
- annual independent cybersecurity audit (Regulation 18(4));
- notification of data breach within 48 hours.
AML/CFT
- policy must be tailored to the business model, not formulaic;
- direct link to the Proceeds of Crime Act, AML/TF Regulations, AML/TF Code, etc.
Outsourcing
- management functions — prohibited from outsourcing;
- Operational outsourcing — only with prior approval from the FSA.
Practical conclusion
2025 marks the actual rollout of the VAB regime in SVG: not only the existence of the law, but also detailed requirements for capital, deposits, audits, AML/CFT and technological supervision.
