On 15 May, 2024, the Cayman Islands Monetary Authority
(“CIMA”) released its regulatory policy setting out
criteria for approving the registration of virtual asset service
providers (“VASPs”) as per the Virtual Asset (Service
Providers) Act (“VASP Act”).
Applications must include detailed information on business
plans, ownership structures, and compliance frameworks. Additional
information may be requested and due diligence may be conducted
with foreign regulators.
CIMA also evaluates:
- The fit and propriety of shareholders and senior officers.
- Ownership and control structures, ensuring transparency and
compliance.
- Corporate governance frameworks.
- Detailed business plans covering operations, financials, and
risk management.
