British Virgin Islands Continues Developing Internet Infrastructure

The British Virgin Islands has established an internet exchange point; BVI-IX is an investment that would help the jurisdiction to strengthen its telecommunications infrastructure and encourage the development of local digital content. Now, the so called 'phase two' was initiated by BVI officials, by words of chief technical officer of the BVI Telecommunications Regulatory Commission.

BVI is working with the Caribbean Telecommunications Union, an inter-governmental telecommunications policy organisation, and US-based non-profit firm Packet Clearing House (PCH), to develop their IXP to the next level. 

During the coming months, technical training and workshops will be organized on network security, local content and electronic commerce, to help the local market realise possible benefits.

BVI Launches Research of BVI Financial Services Sector

A research was commissioned by the BVI government with the purpose to examine contribution of the jurisdiction's financial services industry to the global economy. As part of the project, a research team from Capital Economics will visit the British Virgin Islands on 27-29 June to meet with representatives of the government, BVI FSC and the industry, and get preliminary results. The study will be funded both by the government and the private sector.

The main subject of the research will be financial, economic and legislative ties between the financial services industry in the BVI and the international community. It will show how BVI business structures have facilitated global commerce by connecting markets and launching global investment, trade and capital flow. Special focus will be made on BVI connections with the Chinese economy and its growth. 

According to the executive director of BVI Finance Lorna Smith, “The Capital Economics study will provide valuable research, facts and figures to help promote the jurisdiction, assist potential clients in better understanding the benefits of doing business in the BVI and challenge ill-informed voices in the international community seeking to dispute the value that the BVI’s financial services brings to global business.”

BVI Government Enacted Virgin Islands Deposit Insurance Act

The BVI government has enacted the Virgin Islands Deposit Insurance Act 2016 (VIDIC Act), providing some level of protection to depositors of financial institutions in the jurisdiction. The legal act was passed on April 25 and gazetted on May 19. By words of the BVI Premier and Minister of Finance, Dr Orlando Smith, the VIDIC Act will strengthen economic stability of the BVI financial system, and will contribute to increased consumer confidence.

The deposit insurance system has the purpose to protect depositors who are not in a position to assess the risks of the institution in which they choose to put their deposits. It will also automatically protect depositors' insured funds against major financial losses, in case the financial institution fails. The VIDIC Act provides for the establishment of the Virgin Islands Deposit Insurance Corporation, which will provide insurance against loss of deposits.