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ARTICLE · 02 DECEMBER 2020

The Virtual Assets Services Regime In The Cayman Islands

Carey Olsen
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The Cayman Islands Government and the Cayman Islands Monetary Authority ("CIMA") have committed to developing a bespoke regulatory framework ...

Cayman IslandsTechnology
Richard Munden
Richard Munden
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The Cayman Islands Government and the Cayman Islands Monetary Authority ("CIMA") have committed to developing a bespoke regulatory framework for the issue of virtual assets and for certain services related to virtual assets including services for trading and exchange. This framework will be implemented by the Virtual Asset (Service Providers) Law, 2020 (the "VASP Law") of 25 May, 2020 and related legislation.

The VASP Law and other elements of the virtual assets regime will come into force by a phased roll-out. On 31 October, 2020 certain provisions of the VASP Law, the Monetary Authority (Amendment) (No. 2) Law, 2020, and the Securities Investment Business (Amendment) Law, 2020 came into force along with the Mutual Funds (Amendment) (No. 2) Law, 2020 and the Virtual Asset (Service Providers) Regulations, 2020 (the "Regulations"). This legislation comprises phase 1 of the virtual assets regime. An industry advisory published by the Ministry of Financial Services

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