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ARTICLE · 17 SEPTEMBER 2024

FinTech 2024: Cayman Islands Chapter

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The Cayman Islands has long been a leading offshore jurisdiction for investment funds, as well as a significant global financial centre overall. It is therefore not surprising that, reflecting global trends...

Cayman IslandsTechnology
Lucy Frew
Lucy Frew
Ian Mason
Ian Mason
Charlie Griffiths
Charlie Griffiths
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Approaches and developments

The Cayman Islands has long been a leading offshore jurisdiction for investment funds, as well as a significant global financial centre overall. It is therefore not surprising that, reflecting global trends, the FinTech market has been developing rapidly in the Cayman Islands, as the Government has sought to attract new business. The Government introduced virtual asset legislation to comply with global standards set out by the Financial Action Task Force ("FATF"), and was ahead of a number of other jurisdictions (e.g. the UK, Dubai, Singapore) in doing so.

The Cayman Islands has introduced a coherent and relatively bespoke virtual asset regime, through the Virtual Asset (Service Providers) Act (2024 Revision) (the "VASP Act"). As at the end of 2023, there were nineteen (19) virtual asset service providers ("VASPs") registered with the Cayman Islands Monetary Authority ("CIMA"), including trading platforms, custodians, broker-dealers,

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