USVI Public Records

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Please contact the Division of Banking, Insurance and Financial Regulation on St. Croix 1131 King Street, Suite 101, 3rd Floor Christiansted, V.I. 00820 Tel: (340) 773-6459 Fax: (340) 719-3801 or St. Thomas 5049 Kongens Gade St. Thomas, V.I. 00802 Tel: (340) 774-7166 Fax: (340) 774-9458 Business Hours 8:00am to 5:00pm Monday to Friday 1. Currency tokens: “or Coins” - bitcoin, etherium, dogecoin, Litecoin 2. Commodity tokens: linked to gold, diamonds other commodities. 3. Utility tokens: offers functions- rewards, membership, discounts, ac- cess to content, special payments, gaming 4. Security tokens: ownership shares in an enterprise, investment vehicles 5. Stablecoins: lined to fiat currencies (yen, dollars, etc.) 6. Central Bank Digital Currencies (CBDCs): issued by Central Banks 7. Non-fungible tokens or NFTS: Usu- ally unique collectibles. The term fiat currency is commonly used to distinguish regular money from crypto- currency. Bitcoin's blockchain is a distributed ledger, a series of linked blocks containing transaction records, that is undergirded by complex mining processes to ensure the integrity of transactions. The blockchain is public, meaning anyone can view transactions occurring on it. Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency. A type of money that is completely virtual. It's like an online version of cash. You can use it to buy products and services. Bitcoin operates free of any central control or the oversight of banks or governments. Instead it relies on peer-to-peer software and cryptography. A public ledger (Blockchain) records all bitcoin transactions and copies are held on servers around the world. Cryptocurrency, sometimes called crypto-currency or crypto, is any form of currency that exists digi- tally or virtually and uses cryptography to secure transactions. Cryptocurrencies don't have a central issuing or regulating authority, instead using a decentralized system to record transactions and issue new units. Cryptocurrencies are digital assets people use as investments and for online purchases. You ex- change real currency, like dollars, to buy “coins” or “tokens” of a certain kind of cryptocurrency. • Protection from inflation • Self-governed and managed • Secure and private • Currency exchanges can be done easily • Decentralized • Cost-effective mode of transaction • A fast way to transfer funds • No consumer protection/unregulated • Lack of standardized policy for chargebacks or refunds • Transaction fraud; goods that the seller never delivers, can't request a refund through Bitcoin • If a hard drive crashes, or virus corrupts data, virtual currency can be lost never to be recovered • The value of virtual money is volatile (not stable) • Tax implication Yes, through a cryptocurrency ex- change, Bitcoin ATM, Bitcoin Debt Card, Peer to Peer transaction, or Bank transfer. Cryptocurrency: any form of currency that only exists digitally, that usually has no central issu- ing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions.