The Cayman Islands Government has taken a significant step in the regulation of virtual asset service providers (VASPs) with the commencement of the licensing regime under the Virtual Asset (Service Providers) Act (as...more
4/23/2025
/ Anti-Money Laundering ,
Cayman Islands ,
CIMA ,
Corporate Governance ,
Cryptocurrency ,
Digital Assets ,
FinTech ,
Licensing Rules ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management ,
Trading Platforms ,
Virtual Currency
The VASP Act defines “Virtual Assets” as digital representations of value that can be digitally traded or transferred and can be used for payment or investment purposes. Digital representations of fiat currencies (which is...more
3/5/2025
/ Anti-Money Laundering ,
Blockchain ,
Cayman Islands ,
CIMA ,
Corporate Governance ,
Cryptocurrency ,
Digital Assets ,
FATF ,
FinTech ,
Licensing Rules ,
Popular ,
Regulatory Requirements ,
Risk Management ,
Sandbox ,
Stablecoins ,
Trading Platforms
2024 was once again an active year for the Cayman Islands regulatory industry. In this edition of our Regulatory & Risk Advisory Outlook, our team has summarised the key changes and news during 2024 and taken a look at the...more
1/22/2025
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Cayman Islands ,
CIMA ,
Companies Act ,
Corporate Governance ,
Dispute Resolution ,
Economic Sanctions ,
EU ,
FATF ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
General Licenses ,
Legislative Agendas ,
New Regulations ,
Popular ,
Proposed Amendments ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Risk Assessment ,
Transparency Directive
What is the Travel Rule?
The virtual asset “Travel Rule”, formally known as the “Financial Action Task Force (FATF) Recommendation 16”, requires Virtual Asset Service Providers (VASPs) to share and hold specific customer...more
12/4/2024
/ Anti-Money Laundering ,
Cayman Islands ,
CIMA ,
Compliance ,
Corporate Governance ,
Digital Assets ,
FATF ,
FinTech ,
Regulatory Agenda ,
Regulatory Requirements ,
Travel Rule
As the war continues to rage on the Eastern front between Russia and Ukraine, the financial sanctions resulting from the initial invasions and ongoing conflict seem likely to continue to play a significant part in the global...more
11/20/2024
/ Asset Freeze ,
Blockchain ,
Cayman Islands ,
Cross-Border ,
Digital Assets ,
Due Diligence ,
Economic Sanctions ,
Enforcement Actions ,
Financial Markets ,
Financial Services Industry ,
FinTech ,
Popular ,
Regulatory Agenda ,
Russia ,
Sanctions ,
Technology ,
Trade Bans ,
Trade Relations ,
UK ,
Ukraine ,
Virtual Currency
In recent years, the virtual asset industry has experienced exponential growth, bringing about innovations in digital payments, tokenisation and decentralised finance (Defi). While highly innovative, the volatile nature of...more
10/3/2024
/ Blockchain ,
Cayman Islands ,
Corporate Governance ,
Crisis Management ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Digital Service Providers ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Internal Controls ,
Popular ,
Regulatory Oversight ,
Risk Management ,
Tokenization ,
Trading Platforms ,
Transparency ,
Virtual Currency
As the global financial landscape continues to evolve, the rapid growth of virtual assets and use of blockchain technology has prompted governments worldwide to reassess their legal and regulatory frameworks. The emergence of...more
10/2/2024
/ AML/CFT ,
Blockchain ,
Cayman Islands ,
CIMA ,
Cryptocurrency ,
Digital Assets ,
Digital Service Providers ,
FinTech ,
Innovative Technology ,
Regulatory Agenda ,
Regulatory Requirements ,
Risk Management ,
Technology
Welcome to the second instalment of 2024 of the Regulatory & Risk Advisory Review. In this edition we cover several Cayman Islands regulatory updates including updates to the Beneficial Ownership Transparency Act, the...more
7/23/2024
/ Anti-Money Laundering ,
Beneficial Owner ,
Cayman Islands ,
CIMA ,
Common Reporting Standard (CRS) ,
Corporate Governance ,
Corporate Transparency Act ,
Digital Assets ,
Dispute Resolution ,
FATCA ,
FATF ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Fund Managers ,
Insolvency ,
Investment Funds ,
Policies and Procedures ,
Popular ,
Private Equity ,
Proceeds of Crime Act 2002 (POCA) ,
Regulatory Agenda ,
Regulatory Requirements ,
Venture Capital
The Cayman Islands Monetary Authority (“CIMA”) has issued a regulatory policy (the “Policy”) outlining the criteria for approving Registration or Licensing of Virtual Asset Service Providers (“VASPs”).
The Policy applies to...more
7/19/2024
/ Cayman Islands ,
CIMA ,
Digital Assets ,
FinTech ,
License Applications ,
Policies and Procedures ,
Popular ,
Registration Requirement ,
Regulatory Agenda ,
Regulatory Requirements ,
Trading Platforms