We’re proud to be shortlisted at this year’s Private Equity Wire® US Awards 2025 in the following categories:

  • Law Firm of the Year: Client Services Award
  • Law Firm of the Year: Transactions Award
  • Law Firm of the Year: Fund Structuring Award
  • Law Firm of the Year: Overall Award

Please support the fantastic work of our Cayman Corporate/Funds Group by voting @LoebSmithAttorneys by Friday 5 September on this link: https://pew-awards.evalato.com/public-evaluation/19227/login

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We are so excited to share that @LoebSmith has been shortlisted in three categories at the ALB Hong Kong Law Awards 2025, namely:

  • Fintech Law Firm of the Year 
  • Investment Funds Law Firm of the Year 
  • Offshore Law Firm of the Year

The winners will be announced at the ceremony on 12 September 2025 in #HongKong.

Thank you all who contributed to this achievement!

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Cayman Islands (29 July 2025) – Loeb Smith Attorneys, one of the leading offshore corporate law firms, acted as Cayman legal counsel to xTAO Inc. (“xTAO”) on its reverse merger and successful listing of its common share on Canada’s TSX Venture (TSXV) Exchange. Xtao’s common shares launched on TSXV at the market open on 23 July 2025, under the ticker symbol “XTAO.U”.

xTAO is a technology company focused exclusively on growing Bittensor and its decentralized AI ecosystem. Bittensor is a decentralized machine learning protocol that transforms machine intelligence into a tradable commodity by using its native token (TAO) for various purposes within the network. At its core, Bittensor is a platform built around incentives. Users contribute intelligence by helping AI systems improve and then earn TAO tokens based on the usefulness of the data or computational resources contributed to the network.

The listing coincides with xTAO’s closing of a US$22.8 million financing of subscription receipts from an array of leading venture capital firms in the digital asset industry, including Animoca Brands, Arca, Arche Capital, Borderless Capital, DCG, FalconX, Hypersphere Ventures, Off the Chain Capital, Republic and Stratos. The company will use the funds to expand its validator operations and build real-world products on top of Bittensor’s open network.

xTAO’s Founder, Karia Samaroo said “This listing marks an important milestone for xTAO in its commitment to advance the growth of decentralised AI. I really appreciated the clear advice, guidance and support of the Loeb Smith team throughout the entire process.”

The Loeb Smith team was led by Partner Gary Smith, and included team members Vivian Huang and Frost Wu.

Partner Gary Smith commented: “We are proud to have advised xTAO in this significant milestone. Their successful listing not only underscores the potential of decentralized technologies but also highlights the growing confidence in the digital asset space. Our firm’s extensive experience in navigating complex corporate transactions within the crypto market enables us to provide effective and strategic advice to innovative companies like xTAO. We look forward to seeing how xTAO will leverage this opportunity to innovate and contribute to the evolution of the Bittensor ecosystem.”

About Loeb Smith Attorneys

Loeb Smith Attorneys is one of the leading offshore corporate law firms considered one of the most active and knowledgeable firms for advising on offshore investment funds formation and launch of all asset classes including public securities, private equity, venture capital, real estate, and virtual assets. Other areas of strength and growth are advising on M&A, Finance, Corporate Restructurings, Capital Markets, Regulatory Compliance, Investments, Logistics, Shipping and Aviation.

Considered a leading law firm in the Fintech and Blockchain Technology space, Loeb Smith also advises on token issuances, application for VASP licences for Web 3.0 businesses,  etaverse infrastructure and other virtual asset service providers, and utilising Cayman and BVI structures to develop virtual asset platforms for DAOs. Loeb Smith’s clients are investment managers, financial institutions, onshore counsels, and HNWIs who the firm advises on day-to-day legal issues and complex, strategic matters.

Some of our firm’s recent accolades are: rankings in IFLR1000, Legal 500; winning Best Law Firm – Fund Domicile at Hedgeweek US Emerging Manager Awards 2023 and 2024; winning Best Law Firm – Fund Domicile at Private Equity Wire US Emerging Manager Awards 2023 and 2024; winning Best Law Firm – Fund Domicile at Private Equity Wire US Awards 2023; recognised amongst Top 30 Asia’s Fastest Growing Law Firms in 2023, 2024 by Asian Legal Business; ranked in The A-List: Top Offshore Lawyers by Asia Business Law Journal in 2022 and 2024; winning The Best Offshore Law Firm – Client Service at With Intelligence HFM Asia Services Awards 2024; ranked in ALB Hong Kong Firms to Watch 2024, 2025 lists.

www.loebsmith.com
BRITISH VIRGIN ISLANDS | CAYMAN ISLANDS | HONG KONG

 

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We have also been shortlisted for the first time for the Asia Legal Awards 2025 recognising the region’s most outstanding legal achievements. Now in its 12th year, this prestigious ceremony honours the most significant transactions, cases, and legal work that have shaped the industry across Asia.

Well done Hong Kong team!

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Law firms’ teams rarely are lost for words, but here we are, short and straightforward: after many years of consistent wins in the “Law Firm of the Year: Fund Domicile” category and usual shortlistings in two or three categories, this year we have been shortlisted in no less than six (6) categories at the Hedgeweek® US Awards, namely:

      • Law Firm of the Year: Client Service
      • Law Firm of the Year: Digital Assets
      • Law Firm of the Year: Fund Domicile
      • Law Firm of the Year: Overall
      • Law Firm of the Year: Start-up & Emerging Funds
      • Regulatory & Compliance Firm of the Year: Offshore

Please take a moment and support us by voting on this link: https://hw-awards.evalato.com/public-evaluation/19122/login Thank you. It’s a big year!

The deadline for voting is Friday 8th August 2025. Winners will be announced on 9th October 2025 at the Hedgeweek® US Awards.

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Exciting news! We’ve made it on the shortlist for the HFM US Services Awards 2025 in two categories:

Best law firm: private markets

Best offshore governance firm.

We thank our clients who took the time to provide feedback/testimonials about our legal services delivered to the evolving needs of hedge funds managers.

Winners will be announced on September 16, 2025 in NYC. Stay tuned😁!

2025 shortlist | HFM US Services Awards

 

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Certificate of Good Standing

With effect from 2 January 2025, amendments to the BVI Business Companies Act and Limited Partnership Act introduced stricter requirements for obtaining a Certificate of Good Standing (COGS).

Key Changes:

  • Additional Filings: Entities must now ensure timely submission of the register of members/register of directors (for companies), register of general/register of limited partners (for LPs), beneficial ownership details, and annual returns (if due).
  • Validity Period: All COGS will now carry a three-month expiration date. Where filings are not due, COGS will be valid only until the next applicable filing

Each COGS will confirm compliance status, fee payments, and whether the entity is subject to liquidation, dissolution, or pending transactions such as mergers.

Compliance Inspections for 2025-2026

The BVI FSC’s Compliance Inspection Unit (“CIU“) is rolling out a major round of onsite inspections starting in 2025 and running through the first quarter of 2026. These inspections will focus on higher-risk sectors like Trust and Corporate Service Providers (“TCSPs“), Investment Businesses, and Virtual Asset Service Providers (“VASPs“). The aim is to assess how well firms are managing internal controls, complying with AML/CFT/CPF rules, conducting internal audits, and training their staff.

Regulatory Impact:

  • At least 45 entities are scheduled for inspection, highlighting the BVI FSC’s continued focus on a risk-based supervisory framework.
  • Key inspection priorities will include verifying beneficial ownership, managing third-party relationships, conducting sanctions screening, and reporting suspicious activities.
  • Firms will be given three weeks’ advance notice and must be prepared to provide all necessary compliance-related documentation.
  • Following the inspections, the BVI FSC will issue detailed reports and broader industry guidance, which could shape upcoming regulatory standards and enforcement priorities.

Trustee Sector Shows Strong Compliance

The BVI FSC has completed a desk-based review of TSPs, representing nearly half of all trusts in the jurisdiction. The review assessed compliance in key areas including customer due diligence (“CDD“), sanctions screening, suspicious activity reporting (“SARs“), and institutional risk assessments (“IRAs“).

The results were largely positive. All TCSPs demonstrated full compliance with COD requirements, successfully verifying all relevant trust parties. High adherence was also noted in sanctions screening and SARs, with only minor issues such as the need for more frequent screenings or enhanced internal reporting procedures.

Legislative Amendments

The BVI has rolled out a series of important legal updates to bring its financial regulatory framework in line with modern standards. Two key pieces of legislation, namely the Financial Services Commission (Amendment) Act, 2024 and the Financial Services (Exceptional Circumstances) (Amendment) Act, 2024, introduce stronger oversight tools and clearer regulatory expectations.

Key Changes:

  • Consumer Duty Introduced – Replaces “consumer protection” with a higher standard of care in financial services.
  • Mandatory Cooperation – Licensees must provide documents and support the BVI FSC when requested.
  • Enhanced International Cooperation – BVI FSC can now share information with a broader range of foreign authorities.
  • Risk-Based Supervision Codified – Officially adopts a risk-based approach for overseeing licensees.
  • Emergency Powers Streamlined – BVI FSC can now act swiftly in exceptional situations without prior Ministerial approval.

There are also targeted changes to sector-specific laws-covering banks, insurance, and investments-that further tighten compliance standards and support better risk management across the board.

Next Steps for Regulated Entities

To remain compliant and prepared for regulatory reviews, licensees should:

  • Review and update internal policies and procedures
  • Conduct thorough risk assessments
  • Ensure staff are trained on new compliance obligations
  • Engage with the BVI FSC and industry forums like VASPAC for guidance and updates

Formation of the Virtual Asset Service Providers Advisory Committee

In March 2025, the BVI officially launched the Virtual Asset Service Providers Advisory Committee (“VASPAC“), a collaborative public-private initiative designed to enhance the regulation and supervision of the BVl’s growing virtual asset sector. This follows the introduction of the Virtual Assets Service Providers Act, 2022 (“VASPA“), which took effect on 1 February 2023 and brought the BVI in line with global regulatory standards.

VASPAC was established after a series of informal discussions with industry stakeholders and is now set to provide structured, ongoing input to help guide regulatory strategy. The VASPAC held its first meeting on 27 March 2025, marking a key milestone in the evolution of virtual asset regulation in the BVI.

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This publication is not intended to be a substitute for specific legal advice or a legal opinion. For specific advice on any of the matters covered above, please contact your usual Loeb Smith attorney or any of the following:

E: gary.smith@loebsmith.com
E: robert.farrell@loebsmith.com

E: elizabeth.kenny@loebsmith.com
E: vanisha.harjani@loebsmith.com
E: edmond.fung@loebsmith.com
E: faye.huang@loebsmith.com

E: vivian.huang@loebsmith.com
E: yun.sheng@loebsmith.com

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Hong Kong 2 June 2025 Loeb Smith Attorneys, one of the leading offshore corporate law firms, acted as BVI legal counsel to Pitanium Limited on its successful initial public offering of 1,750,000 Class A ordinary shares. The shares began trading on the Nasdaq Capital Market on 30 May 2025, under the ticker symbol “PTNM”.

Pitanium Limited is a retailer in Hong Kong focusing on the sale of its proprietary brand products in the field of beauty and personal care, namely PITANIUM and BIG PI online. It also generates revenue from the offline sale at six retail stores situated in Hong Kong’s premier shopping destinations.

The Loeb Smith team was led by Partner Gary Smith, and included team members Counsel Kate Sun, Associate Frost Wu and Associate Max Lee in Hong Kong. Loeb & Loeb LLP, TC & CO., and Tian Yuan Law Firm acted as U.S. legal counsel, Hong Kong legal counsel, and PRC legal counsel to Pitanium Limited, respectively, and VCL Law LLP as acted U.S. securities counsel for Cathay Securities, Inc., the underwriter in connection with the offering.

Corporate Partner, Gary Smith stated: “We are delighted to have advised Pitanium Limited on this significant milestone in its growth journey. Our firm is excited to see the resurgence of activity in capital market listings, and remains committed to delivering the team’s deep expertise, strategic advice and robust legal support in cross-border transactions and capital markets to clients as they navigate their path to success”.

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Loeb Smith ranked by Lexology as Legal Influencers Q1 2025 for Private client – Central and South America for  Cayman Islands law and BVI law related topics! 🥳🎉

Follow us to stay updated or catch up with the latest articles and legal insights on this link: https://www.loebsmith.com/news/

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We are very pleased to share that our law firm has been ranked again as one of the HONG KONG FIRMS TO WATCH (2025) by Asian Legal Business.

Visit ALB to read the announcement:

https://www.legalbusinessonline.com/features/rankings-alb-hong-kong-firms-watch-2025

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