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ARTICLE · 07 APRIL 2025

Phase Two Of VASP Framework Takes Effect 1 April

Cayman Islands Government
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Phase two of the regulatory framework for virtual asset services in the Cayman Islands is in effect as of today, 1 April.

Cayman IslandsTechnology
Matthew Yates
Matthew Yates
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Grand Cayman, 1 April 2025 - Phase two of the regulatory framework for virtual asset services in the Cayman Islands is in effect as of today, 1 April, with these amended acts and regulations:

The Virtual Asset Service Providers (VASP) regime has been commenced in phases, to bring into effect global regulatory standards and prudential measures, and to then give persons and entities time to become compliant with the requirements.

Phase one introduced a registration requirement which focused on anti-money laundering and countering the financing of terrorism (AML/CFT) measures. Phase two now introduces a licensing regime for trading platform operators and virtual asset custodians, and focuses on introducing prudential measures for

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