Let the beauty we love be what we do. There are hundreds of ways to kneel and kiss the ground - Rumi
Articles by Peter Vas
Celsius vs Tether: Court Ruling Marks Key Moment In Cross-Border Crypto Litigation
A recent ruling from the U.S. Bankruptcy Court has paved the way for Celsius Network to continue its $4 billion lawsuit against stablecoin issuer Tether. The dispute centres on the alleged improper liquidation of 39,500 Bitcoin – now worth approximately $4 billion – held by Tether as collateral for an $812 million loan. Celsius argues that Tether violated key contractual terms, including a mandatory 10-hour waiting period before liquidation.
Key Changes to the Regulatory Framework For Digital Assets in the Cayman Islands
The Cayman Islands introduced the Virtual Asset (Service Providers) Act (the “VASP Act”) in 2020 to comply with the standards set by the Financial Action Task Force. It was one of the first offshore jurisdictions to do so, which has arguably given it an edge in attracting cryptocurrency funds and decentralised autonomous organisations that wish to establish a foundation company as a legal wrapper.
Key Changes To BVI Company Legislation
The British Virgin Islands (“BVI”) Government has introduced important amendments to the BVI Business Companies Act, 2004 (As Revised) that are contained in the BVI Business Companies (Amendment) Act, 2024 (the “Amendment Act”). These changes came into force on 2 January 2025 and are designed to ensure that the BVI's financial services sector continues to meet international standards and best practices.
Key imminent changes to BVI company law
The British Virgin Islands (BVI) government has introduced important amendments to the BVI Business Companies Act, 2004 (As Revised) that are contained in the BVI Business Companies (Amendment) Act, 2024 (the Amendment Act). These changes are designed to ensure the BVI’s financial services sector continues to meet international standards and best practices. Though not yet in force, the Amendment Act is expected to take effect relatively soon.
Significant changes to Cayman Islands’ beneficial ownership regime
On 24 November 2023, the Parliament of the Cayman Islands passed the Beneficial Ownership Transparency Act, 2023 (the Act), which was gazetted on 15 December 2023 and brought into force on 31 July 2024.
Domiciliation in the British Virgin Islands
The British Virgin Islands (BVI) continues to be one of the most popular offshore jurisdictions, with over 350,000 business companies in existence. While BVI companies are cost competitive and have proven to be highly popular as asset-holding vehicles, the jurisdiction offers other benefits. These include a reliable legal system, tax neutrality and a high level of confidentiality, rendering BVI structures a market leader for IPOs, cross-border investment, corporate lending and more.
The British Virgin Islands: A Key Jurisdiction for Asia-based Digital Assets Businesses
The evolution of the digital assets sector has of course created tremendous opportunities to revolutionise financial services beyond the limited “payment sphere” that was contemplated by Satoshi Nakamoto in 2008, but the rapid evolution of blockchain technology has also posed certain unique and unprecedented challenges.
Digital assets businesses in the BVI - practical considerations
The British Virgin Islands (BVI) is a leading jurisdiction in the digital assets sector, offering a cost-effective solution for cryptocurrency trading vehicles, token issuers, virtual asset service providers and other blockchain businesses. Its reliable legal system, tax neutrality and high level of confidentiality are added benefits. Structuring, commercial issues One of the first points to be considered by a blockchain business is its proposed legal structure.
BVI v Cayman offshore corporate structures – navigating the choice
Offshore incorporation can be a sound decision for a company looking to do cross-border business. Most often, an entity that is established outside its primary location of operation will conduct the same activities as any other company, but will enjoy benefits that are not necessarily available in onshore jurisdictions.
Practical Considerations For Blockchain Businesses In The BVI | IFC Review
27/03/24 Setting up and running a business in the virtual assets sector is no easy feat, but selecting an appropriate jurisdiction for a blockchain project will inevitably save time and therefore cost.
The Outlook From Offshore – Recent Developments And Looking Ahead - Financial Services - UK
2023 was certainly a tumultuous and difficult year by any standard. Leaving aside geopolitical conflicts, high interest rates, rampant inflation, and slowing growth, the lingering effects of the COVID-19 pandemic and high-profile bankruptcies made their mark on many businesses.
Advantages of Using Cayman Islands Exempted Companies for Investment Purposes and to Facilitate Finance Transactions
The Cayman Islands exempted company (including the segregated portfolio company) is the corporate vehicle of choice for series financing, mergers utilizing the Cayman merger regime, banking and finance transactions, investment funds, and other corporate transactions.
Legal Alert: Persons carrying on Business as Virtual Assets Service Providers Act in the BVI.
The Virtual Assets Service Providers Act 2022 (the “VASP Act”) was enacted in the British Virgin Islands (“BVI”) on 1 February 2023. It creates the legal framework for the registration and supervision of Virtual Assets Service Providers (“VASPs”) operating in and from within the BVI. Through the provisions of the VASP Act, the BVI Financial Services Commission (the “BVI FSC”) is established as the competent authority for the supervision of persons engaging in any virtual assets service.
Insolvency in the Cayman Islands - setting aside antecedent transactions.
In certain circumstances the official liquidator of a Cayman company may be able to take action to recover assets which have been transferred in the run up to the company’s insolvency. It is important for those concerned with the affairs of a Cayman company in the twilight of insolvency to be aware of the statutory powers available to the official liquidator and the Grand Court in the Cayman Islands.
Lender’s perspective on Cayman subscription facilities and ELPs
Subscription facilities, or loans made by a bank or a financial institution to a private equity fund, which are typically secured by unfunded commitments of limited partners of the fund and the right to receive proceeds of capital calls, continue to dominate Asia’s fund finance market.
Briefing Note
Key issues and trends in series financing transactions from a BVI and a Cayman Islands law perspective Overall, 2022 was a disappointing year for series financing transactions across China, Hong Kong, Macao and Taiwan (together, “Greater China”) as the region grappled with macroeconomic challenges and geopolitical issues. The “zero-COVID” policy which led to multiple lockdowns throughout the year also negatively impacted dealmaking activity.
The future for the BVI under Globalization
Introduction Globalization is defined as the process of interaction and integration among people, companies, and governments worldwide. It is primarily an economic process of interaction and integration causing a growth in international trade and the exchange of ideas, beliefs, and culture.
Tips and traps for BVI, Cayman Islands cryptocurrency trading vehicles
The British Virgin Islands (BVI) and the Cayman Islands remain among the most popular jurisdictions for incorporating cryptocurrency trading vehicles. For example, the bankrupt cryptocurrency exchange FTX Trading identified that 22% of its customer base is located in the Cayman Islands, with 11% in the BVI.
Tips and traps for BVI, Cayman Islands cryptocurrency trading vehicles
The British Virgin Islands (BVI) and the Cayman Islands remain among the most popular jurisdictions for incorporating cryptocurrency trading vehicles. For example, the bankrupt cryptocurrency exchange FTX Trading identified that 22% of its customer base is located in the Cayman Islands, with 11% in the BVI.
BVI Professional Fund
A BVI Professional Fund is the most popular type of BVI open-ended investment fund. According to the BVI Financial Services Commission (“FSC”) statistical bulletin for Q3 of 2022, published on 21 December 2021, as at 30 September 2022, there were 856 Professional Funds recognized by the FSC in the BVI.
The restoration of struck-off and dissolved companies in the British Virgin Islands: post January 2023
Introduction This article follows our previous article of 5 January 2023 which considered, in broad terms, the changes to the BVI Business Companies Act, 2004 (the Companies Act) of the British Virgin Islands (BVI) brought about by The Business Companies (Amendment) Act, 2022 (the Amendment Act).
BVI and Cayman law issues on transfer of loan portfolios and security interests
Amid increasing bond defaults by property developers in China, and the reportedly growing prevalence of non-performing debt due to rising interest rates across Asia, lenders have progressively been managing their risks by restructuring or divesting their bad debts. The persistent economic fallout from the pandemic and the related restrictive measures have also contributed to this trend.
Key factors for launching virtual assets business in BVI
The British Virgin Islands (BVI) continues to attract virtual assets businesses seeking to capitalise on its status as a leading offshore financial centre. Unlike other jurisdictions that have either prohibited certain types of digital assets or imposed material restrictions on them, the BVI has become renowned as the jurisdiction of choice for clients wanting a cost-competitive and efficient route to market.
Choosing between BVI and Cayman for going offshore
How to choose between the British Virgin Islands (BVI) and the Cayman Islands for a corporate structure has been one of the most frequent questions among businesses planning to establish an offshore company. This is a complex matter that requires consideration of all of the client’s circumstances, including the proposed nature of the business of the offshore company, any expansion and financing plans, and the client’s specific structuring objectives.
Key Trends in Cayman and the BVI for Investment Funds, M&A, and Finance Transactions in 2022
With inflationary pressures coming to the fore in certain areas of the global economy and the continuing impact of Covid-19, there are many important and urgent issues to discuss.
ESG in finance transactions: an offshore legal perspective
2021 saw an unprecedented surge in ESG debt issuance, arguably underpinned by growing investor appetite for sustainable and green-linked investment options. The UK insurer Aviva reported that 55% of more than 500 investors in its survey claimed that the covid-19 pandemic influenced the likelihood of considering ESG when deciding how to invest.
Welcoming the wave of offshore SPACs in Asia
Last year saw an explosion of special purpose acquisition companies (SPACs) in the US, largely driven by favourable economic returns to SPAC IPO sponsors, liquidity, and pricing certainty offered by SPACs to target companies and investors. The extended low interest rate environment and the speed to market that SPACs offer compared to traditional IPOs has also played a significant role.
The tyranny of misplaced christian victimhood
India is going through major socio-economic-political flux and I am delighted to see it all unfold. Like you, I have waited for a very long time for this day. Like you, I think of myself as an Indian first. My christian faith opens another charming window to view this world from. Lately I find myself attracted to the political dimension of our respective faiths. It gets ugly when we mark ourselves with a faith-based identifier.
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