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ARTICLE · 02 MAY 2018

Cayman Islands Monetary Authority Issues A Statement On Virtual Currencies

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On 23 April 2018, the Cayman Islands Monetary Authority ("CIMA") released a public advisory on virtual currencies to warn of the risks associated with investments in initial coin offerings and virtual currencies ...

Cayman IslandsCorporate/Commercial Law
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On 23 April 2018, the Cayman Islands Monetary Authority ("CIMA") released a public advisory on virtual currencies to warn of the risks associated with investments in initial coin offerings ("ICOs") and virtual currencies and which set out some of the red flags potential investors should look out for to help identify potentially fraudulent ICOs.

ICOs are often unregulated and involve new technologies and products that are highly technical and complex. However, should a regulatory body in the country where the ICO is based and/ or issued consider the token to be a security issued in breach of its securities laws, it could have a substantially negative effect on the company and the token's value or usability.

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