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DATA PROTECTION LEGISLATION HAS ARRIVED IN THE BVI
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Michael Killourhy Rebecca Clark
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The British Virgin Islands has enacted new personal data protection legislation in the form of the Data Protection Act, 2021 (the DPA). Although enacted, the date on which the DPA will come into force is yet to be announced, but this is expected imminently. Prior to the DPA, there was no specific data protection legislation in the British Virgin Islands though the current Computer Misuse and Cybercrime Act 2014 does restrict the publication of illegally obtained confidential data, together with the common law duties of privacy and confidentiality.
The DPA is stated to be an act to provide for the protection of personal data processed by public and private bodies and for related matters, and the BVI now joins those countries that have a form of data protection legislation.
This article will focus on the application of the DPA to private bodies (defined below), other relevant definitions, unless included within the article, can be found at the end.
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WILL THE BVI TAKE THE LEAD IN NEW DIGITAL ASSETS TECHNOLOGY FOR GREATER GLOBAL INVESTMENT?
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James Brodie Graham Stanton
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The BVI’s growing opportunities to “take the lead” in new digital assets technology and participate in greater global investment was highlighted on Tuesday’s BVI Finance Breakfast Forum.
This is according to forum facilitators and ID Theory founding partners, Graham Stanton, Chief Commercial Officer, and James Brodie, Chief Investment Officer whose presentation focused on the Decentralised Autonomous Organisation or DAO, and the Limited Liability Autonomous Organisation, or LAO.
Mr. Brodie said he believes that blockchain technology has produced the next “evolutionary” step for corporations, which he said has “facilitated the creation of new organisations like the DAO,” adding, “We believe this will be the next huge wave of innovation and adoption...which we perceive is the next evolution of the traditional corporation.”
“This evolution, we believe, presents a very attractive opportunity for the BVI to take a lead and to capitalise on what we believe will be new members and new organisations who want to utilise this technology.”
Mr. Stanton told attendees: “It’s important to state that we don’t see this technology as replacing corporations, in the same way email and the internet have not replaced the post office.”
He continued, “There will always be utility for corporations. This is just a new technology platform that will allow enterprises and businesses that were previously impossible via leveraging blockchain technology and taking advantage of all the efficiencies that that brings about.”
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THE CRYPTO CURRY CLUB OF THE BVI
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On 21 April, over 45 attendees joined an event organized by the Crypto Curry Club of the BVI, at which Simon Gray discussed BVI Finance’s Digital Asset Working Group and its key priorities in the short and long term for the BVI. Simon was followed by the passionate and engaging Graham Stanton and James Brodie of ID Theory who delivered their genesis story and why they chose the BVI as a home for their fund, as well as discussing a number of hot topics in the crypto space such as DAOs, NFTs, and metaverse.
The Crypto Curry Club of the BVI was recently established to create a specific focused forum and encourage persons within the Territory to discuss cryptocurrency, digital assets and blockchain through regularly social meets and technical and education content. The Crypto Curry Club of the BVI is still very much in its formative state with a preliminary committee comprised of the BVI Finance Members; James Drury of Kalo, Matthew Freeman of Campbells, Rebecca Jack of Appleby, David Mathews of Ogier, and Natalie Bundy of Harneys. The Crypto Curry Club of the BVI welcomes other BVI Finance members, not yet signed up, to follow their LinkedIn page to hear more about some further interesting speakers lined up in the coming months.
BVI Finance is pleased to support such initiatives and congratulate the Crypto Curry Club of the BVI. We are delighted to be involved and welcome a further opportunity to meet so many of our members and debate these groundbreaking issues in such a convivial and fun environment.
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CRYPTOCURRENCY AND OFFSHORE ENTITIES IN THE BRITISH VIRGIN ISLANDS
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Cryptocurrency has revolutionized our monetary system since it was first launched in 2009 as the first decentralized currency. The founding father of the crypto currency “bitcoin” was a man under the pseudonym, Satoshi Nakamoto. Nakamoto published his “Proof of concept” whereby he established the mathematical formula that created bitcoin.
Cryptocurrency as defined by scholars is a virtual coinage system that functions much like a standard currency, enabling users to provide virtual payment for goods and services free of a central trusted authority. Bitcoin and cryptocurrency in general, do not require a person to be in charge. One simply downloads the software for free and start receiving and sending any cryptocurrency. Further, cryptocurrencies rely on the transmission of digital information, utilizing cryptographic methods to ensure legitimate, unique transactions. Today, if you browse around any financial website, entrepreneurial blog, or social media platform you will likely hear the constant buzz about one thing: cryptocurrency.
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SPACs – WHAT FAMILY OFFICES IN ASIA NEED TO KNOW
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Raymond Ng, George Weston and Yin Xu
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This article offers a deconstruction of the increasingly pertinent phenomenon that is the SPAC structure. It breaks down what a SPAC is, before elaborating on the details of note surrounding SPACs, how they can be capitalised upon, and ultimately whether SPACs are here to stay, or are simply something of a flash in the pan.
Click here to read more.
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LATIN AMERICA: TRENDS IN PLANNING AND INTERNATIONAL TAXATION
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From 1998 until now, two macro trends have influenced international wealth planning and international taxation:
(i) tax homogenisation or cartelisation (which implies a global rise in taxes and the undoing of any traces of tax competition); and
(ii) the encroachment on individuals’ privacy (necessary to reach the objective above).
Both trends gained momentum after the 2001 World Trade Centre attack right up until Donald Trump’s leadership push and they seem to be acquiring even more relevance as we speak.
To illustrate this, it is important to remember that, between the attack and Trump’s rise to power, the following changes happened (among others), all of them leading towards the trends mentioned above:
(a) the “Patriot Act” was passed;
(b) low or null taxing jurisdictions were forced to abolish bearer shares and, in many cases, to require companies established there to register directors’ names before authorities (unlike several states of the US);
(c) the Foreign Account Tax Compliance Act (FATCA) was passed and enacted; and
(d) the Common Reporting Standard (CRS) was passed and enacted.
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TRUST LAWS PASSED IN THE HOUSE
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A full suite of Trust legislation was passed in the House of Assembly on Thursday 22nd April, 2021. The trusts legislation, which are expected to be assented to shortly, are the following:
- The Trustee (Amendment) Act, 2021
- The Virgin Islands Special Trusts (Amendment) Act, 2021
- The Probate (Resealing) Act, 2021
- The Administration of Small Estates (Amendment) Act, 2021
- The Property (Miscellaneous Provisions) Act, 2021
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VACANCY: CHAIRPERSON OF THE BOARD OF DIRECTORS OF THE NATIONAL BANK OF THE VIRGIN ISLANDS LIMITED
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The Government of the Virgin Islands is seeking a qualified person to fill the following position of Chairperson of the Board of Directors of the National Bank of the Virgin Islands Limited.
Job Summary: The Chairperson of the Board of Directors (the “Board”) is primarily responsible for the activities of the Board and its committees. He/she shall act as the spokesperson for the Board and is the principal contact for the Chief Executive Officer (“CEO”).
Educational Requirements: Bachelor’s Degree (at a minimum) in field of expertise, preferably business/finance.
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