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ARTICLE · 24 JUNE 2021

Virtual Assets Service Providers (VASP) Regime Commencement

Collas Crill
Collas Crill
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Collas Crill

Collas Crill

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The Virtual Asset (Service Providers) Act, 2020 (VASP Act) was enacted on 31 October, following consultation with the Financial Action Task Force.

Cayman IslandsFinance and Banking
Aoife Madden
Aoife Madden
Natalie Bell
Natalie Bell
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The Virtual Asset (Service Providers) Act, 2020 (VASP Act) was enacted on 31 October, following consultation with the Financial Action Task Force. The VASP Act is being introduced in a phased approach (as detailed below) and it provides a framework for the regulation and oversight of virtual asset service providers (VASPs).

Cayman, as a leading jurisdiction for the establishment of offshore funds and a top global financial centre, has always been an attractive jurisdiction for the establishment of VASPs. The enacting of the VASP Act is evidence that Cayman is a technology-driven jurisdiction, making it even easier for VASPs to operate here within a clear and workable framework.

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