A system and method for accelerating input/output (IO) access operation on a virtual machine, The method comprises providing a smart IO device that includes an unrestricted command queue (CQ) and a plurality of restricted CQs and allowing a guest domain to directly configure and control IO resources through a respective restricted CQ, the IO resources allocated to the guest domain. In preferred embodiments, the allocation of IO resources to each guest domain is performed by a privileged virtual switching element. In some embodiments, the smart IO device is a HCA and the privileged virtual switching element is a Hypervisor.