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ARTICLE · 21 JANUARY 2021

Commencement Of The Virtual Assets Service Providers (VASP) Regime

Collas Crill
Collas Crill
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Collas Crill

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The Virtual Asset (Service Providers) Act, 2020 (VASP Act) came into effect on 31 October 2020 and provides a framework for the regulation of virtual asset service providers (VASPS).

Cayman IslandsTechnology
Natalie Bell
Natalie Bell
Alan De Saram
Alan De Saram
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The Virtual Asset (Service Providers) Act, 2020 (VASP Act) came into effect on 31 October 2020 and provides a framework for the regulation of virtual asset service providers (VASPS).

Cayman has been a particularly attractive jurisdiction for the establishment of virtual asset service providers and, up until now, service providers have operated within the existing regulatory regime.

The new framework provides greater certainty, ensures compliance with internationally recognised standards and provides an exchange of information with the Cayman Islands Monetary Authority (CIMA) which will enable the regulator to stay abreast of industry practice and support development.

By 31 January 2021, entities which are engaged in or wishing to engage in virtual asset services must register with CIMA under the VASP law. Entities which are engaged in or wishing to engage in virtual asset services and are currently holding a license granted by CIMA under another regulatory

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