LTP, a crypto prime broker that processed $1.2 trillion in trading volume last year, is expanding operations in the British Virgin Islands, where it holds both a Virtual Asset Service Provider license and a Securities and Investment Business license. Ethan Wang, CEO of LTP Hong Kong, said the firm secured the dual licenses from the BVI Financial Services Commission to serve its client base concentrated in the territory. The BVI passed its VASP Act in 2022, which took effect in February 2023, positioning the jurisdiction as an early mover in crypto regulation. The territory now accounts for more than 10% of the global tokenized US Treasuries market, representing approximately $1.5 billion in distributed value, alongside roughly $1.2 billion in stablecoins issued through BVI structures.
LTP Processed $1.2 Trillion in Trading Volume Last Year
LTP operates as a multi-asset prime broker serving hedge funds across digital assets, equities, futures, commodities, and foreign exchange. Wang said the firm is number one in Asia-Pacific crypto trading volume, accounting for approximately 3% of total crypto trading volume globally. "Our customers are the hedge funds, the large hedge funds. The top hedge funds are using our services right now," Wang said. The firm processed $1.2 trillion in trading volume last year.
LTP Secured Dual BVI Licenses Under 2023 VASP Framework
LTP holds two licenses in the BVI: a Virtual Asset Service Provider license and a Securities and Investment Business license. The firm was one of the first to register under the BVI's VASP framework. The BVI VASP Act passed in 2022 and took effect in February 2023. "BVI has long stood as a traditional financial center for a long time ... they are also very innovative and very open-minded to the digital asset space, and they moved quickly," Wang said. Wang said client concentration drove the licensing decision: "We have a lot of clients here in BVI. That's why we want to be here, to build the connections with the regulators, with the ecosystem, with the service providers."
BVI Accounts for 10% of Global Tokenized US Treasuries Market
The BVI accounts for more than 10% of the global market for tokenized US Treasuries, roughly $1.5 billion in distributed value, alongside about $1.2 billion in stablecoins issued through BVI structures. A June 2026 report documented the territory's tokenization market share. Kraken parent Payward also secured a virtual asset license in the BVI. The pattern reflects institutional crypto infrastructure consolidating in jurisdictions with early regulatory frameworks.
FAQ
What trading volume did LTP process last year?
LTP processed $1.2 trillion in trading volume last year. The firm accounts for approximately 3% of total global crypto trading volume and is number one in Asia-Pacific crypto trading volume.
Why did LTP choose the BVI for its licenses?
LTP secured dual BVI licenses because it has a large client base in the territory. The BVI passed its VASP Act in 2022, which took effect in February 2023, providing an early regulatory framework for virtual asset service providers. LTP holds both a VASP license and a Securities and Investment Business license from the BVI Financial Services Commission.
What share of the tokenized US Treasuries market does the BVI control?
The BVI accounts for more than 10% of the global tokenized US Treasuries market, representing approximately $1.5 billion in distributed value. The territory also hosts roughly $1.2 billion in stablecoins issued through BVI structures, according to a June 2026 report.
