DWF Labs said a group entity has secured regulatory approval as a Virtual Asset Service Provider in the British Virgin Islands.
The approval from the British Virgin Islands Financial Services Commission allows the entity to exchange virtual assets and provide financial services connected with token issuances, according to DWF Labs. The authorization was granted under the territory’s Virtual Assets Service Providers Act.
DWF plans to use the regulated entity to offer institutional clients OTC trading and market-making services, including spot transactions across cryptocurrencies and stablecoins.
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The approval matters as crypto trading firms increasingly seek regulated entities through which they can serve professional investors.
BVI rules require registered VASPs to meet governance, compliance, risk-management and anti-money-laundering requirements.
The jurisdiction has also attracted other digital-asset trading firms. Kraken’s Payward Oceanic entity received BVI authorization covering exchange, custody and transfers in June, while firms including Nonco and VersiFi operate under the same regime.
The BVI has also become a domicile for tokenized investment products. BlackRock’s BUIDL fund and OpenEden’s tokenized Treasury vehicle use BVI-based entities, according to RWA.xyz.
“The Virtual Asset Service Provider approval from the British Virgin Islands Financial Services Commission is a key step in responsibly expanding and delivering DWF Labs’ regulated digital asset services to international institutional clients,” Managing Director and Partner Heng Lee said in a statement shared with AlexaBlockchain.
He added that the approval would allow DWF Labs to broaden its products and services while strengthening its focus on transparency and governance.
The above article “DWF Labs Expands Regulated Crypto Operations With BVI VASP Licence” was first published on AlexaBlockchain. Read the complete article here: https://alexablockchain.com/dwf-labs-expands-regulated-crypto-operations-with-bvi-vasp-licence/
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