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
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
Following consultations earlier this year, the Virtual Asset (Service Providers) (Amendment) Bill, 2024 (the Bill) has been gazetted and represents a major milestone in enhancing the Cayman Islands’ regulatory landscape for...more
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
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
On January 26, the California Department of Financial Protection and Innovation (DFPI) announced that it entered into a $22.5 million settlement agreement with a Cayman Islands digital asset firm to resolve a securities...more