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ARTICLE · 07 JANUARY 2025

Cayman Islands Legislative Update: Virtual Asset (Service Providers) (Amendment) Bill, 2024

Harneys
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The Cayman Islands' Ministry for Financial Services and Commerce (FSC) has announced that the Virtual Asset (Service Providers) (Amendment) Bill...

Cayman IslandsFinance and Banking
Juan Pablo Urrutia
Juan Pablo Urrutia
Mirza Manraj
Mirza Manraj
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The Cayman Islands' Ministry for Financial Services and Commerce (FSC) has announced that the Virtual Asset (Service Providers) (Amendment) Bill, 2024 was published in the Official Gazette on 16 November 2024. The Bill is scheduled to be introduced during the next sitting of Parliament, marking a significant step in refining the Cayman Islands' regulatory framework for virtual assets.

This amendment to the Virtual Asset (Service Providers) Act (2024 Revision) introduces updated definitions, clarifies regulatory requirements, and strengthens the supervision of virtual asset activities.

Summary of the Memorandum of Objectives and Reasons of the Bill

The Bill includes the following key updates and changes:

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