Lieutenant Governor Tregenza A. Roach, Esq. who also serves as the Chairman of the Virgin Islands Banking Board, convened a Board meeting today to consider money transmitter license applications by companies seeking to provide cryptocurrencies and/or virtual currency services and a request for a permit to become an International Financial Services entity.

Board members, Finance Commissioner Bosede Bruce, Rosalie Javois, and Richard Grant were all present to take action on the agenda matters.

The Board voted to approve conditionally an application by Spyglass Capital, LLC for a permit to organize an International Financial Services Entity. The conditional approval status was implemented by the board as a result of Spyglass Capital, LLC’s current status of not being registered with the Financial Crimes Enforcement Network (FinCEN).

During the meeting, the Board also considered applications from five companies seeking a money transmitter license in the Virgin Islands. Board members voted to deny those applications because the companies primarily engage in cryptocurrency transactions, which are neither licensed nor regulated in the United States Virgin Islands.

“To the extent that an applicant seeks a license as a money transmitter to provide services that facilitate virtual currency, the Banking Board does not issue licenses for such activities,” said Lieutenant Governor Roach. The denied applicants include: MoonPay USA, LLC; NYDIG Trust Company, LLC and its affiliate NYDIG Execution, LLC; Uphold HQ, Inc.; BAM Trading Services, Inc.; and Foris DAX, Inc.

Board members also voted unanimously to uphold its Resolution made effective on June 22, 2021, which allows non-bank ATM providers in the Territory to charge up to $4 per terminal transaction for customers of non-USVI Financial Institutions. The Resolution provides that residents who use local banks cannot be charged more than $3.50 per transaction at any non-bank terminal.

For more information, please contact the Division of Banking, Insurance and Financial Regulation on St. Croix at 340-773-6449 and (340) 774-2991 on St. Thomas.