The Belize Financial Services Commission (“FSC”) has public a notice on 25 May 2023 on restriction on virtual asset activities.

Any virtual asset activities are not allowed conduct in Belize now unless the company is licensed but Belize will not issue any license before 31 December 2025. If the company carrying virtual asset activities prior to the commencement of the Act (15th April 2023), it must:

1. Notify FSC the virtual asset activities operating within one months of the commencement of the Act. 
2. Cease the virtual asset activities within 3 months of the commencement of the Act.

If the company fail to comply with the requirement 1. in above, the company must notify FSC within 1 months of 25 May 2023.

Virtual asset defined in the Financial Services Commission Act, Act No.8 of 2023 is any digital representation of value that can be digitally traded, transferred, or used for payment or investment purposes, including but not limited to cryptocurrencies, stable-coins, non-fungible tokens (NFTs), and in-game currencies that can be cashed out or used outside of their source game, but does not include the digital representation of fiat currencies.

For your company conduct virtual asset activities, please contact FCS immediately for further assistance.