ARTICLE · 04 FEBRUARY 2021

Government Commences Framework For Virtual Asset Service Providers

Cayman Islands Government

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The Cayman Islands' ability to regulate and attract persons and entities that deal with virtual assets as a business is now strengthened, with the commencement of legislation for virtual asset service providers (VASPs).

Cayman IslandsGovernment, Public Sector

Ministry Of Financial Services

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The Cayman Islands' ability to regulate and attract persons and entities that deal with virtual assets as a business is now strengthened, with the commencement of legislation for virtual asset service providers (VASPs).

In Cayman, a virtual asset is a digital representation of value that can be electronically traded and used for investment purposes. A common type of virtual asset is a cryptocurrency. The VASPs legislation allows for the supervision of persons and entities who are involved in providing business services that use or rely on virtual assets on behalf of another person or entity.

The following were gazetted on Wednesday, 28 October to enact certain provisions of the Virtual Asset (Service Providers) Law, 2020:

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