A new framework for regulating virtual asset businesses was
introduced in the Cayman Islands on 20 May 2020. We invite you to
review our client briefing New Regulatory Regime for Virtual
Assets dated 9 June 2020 which provides an overview of the new
framework.
On 28 October 2020, the Cayman Islands Government announced that
the Virtual Asset (Service Providers) Law 2020 (VASP
Law) will commence in phases, with phase one commencing on
31 October 2020.
Phase one will focus on anti-money laundering
(AML) and countering the financing of terrorism
(CFT) compliance, supervision and enforcement.
Persons engaged in or wishing to engage in virtual asset services
must now be registered with the Cayman Islands Monetary Authority
(CIMA) under the VASP Law.
