Are you using a decent USB cable, not a very expense one, but something like the Wireworld Ultraviolet and secondly are you using a decent optical out like the Wireworld Supernova. The V-Link 1 should quite good. Whilst it is no Stello U3 or hiFace 2, it is not at all bad.
However, I've only used with a Naim DAC and UQ and so I am unsure how it would sound with the Rega. With a new Mac Mini, a good optical cable such as the Supernova, sounds better than the V-Link, but with an old Mac, the V-Link seemed advantageous to me.
I was afraid you where going to ask that. I am using the audioquest Forrest, but it sounds worse than my no name usb cable.