Elise Donovan, CEO of BVI Finance, emphasizes the importance of cross-border collaboration in the rapidly evolving digital assets market. As mainstream adoption increases, there is a rising demand for a complex global financial ecosystem to support decentralized finance (DeFi). It is essential for regulatory frameworks to balance growth with risk mitigation, particularly in light of incidents involving companies like FTX and Genesis. The British Virgin Islands (BVI) has positioned itself as an innovative hub, having enacted the Virtual Assets Service Providers (VASP) Act, which has attracted over 80 applications for licenses since its introduction. Regional cooperation, highlighted by the Financial Action Task Force's standards and the success of Europe’s Markets in Crypto-Assets (MiCA) regulation, is crucial. Forums like the Caribbean Regional Compliance Association Conference stress the need for measured regulation to foster innovation while safeguarding against financial crime. Technological advancements, particularly in AI, can enhance compliance efforts, but the ongoing training of personnel remains vital. The region must maintain high standards of integrity and transparency to strengthen its appeal as a secure business environment for DeFi.

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