Cayman’s crypto service providers have until January 31th to register.

The Cayman Islands government published an Amendment to its virtual asset service provider (VASP) legislation and Regs. 

The VASP Act introduced a regulatory framework ensuring compliance with international standards.

Unlicensed crypto services shall register for a Cayman Islands Monetary Authority (CIMA) license by 31 January 2021. Further, crypto providers shall have a  registered office on the island and inform all activities held in another jurisdiction. 

Compliances include the guard and maintenance of books and records for  CIMA’s inspections, provider’s senior officers, trustees, and beneficial owners fitness; cyber-security that protects client’s data, and observation of international anti-money laundering regulations.

The new VASP is aligned with the Financial Action Task Force and includes all cryptocurrencies, security tokens, utility tokens, commodities, or fiat-backed stable coins. The new VASP determined that volumes exceeding some threshold – yet to be determined - shall be conducted under an exchange license.

Font: https://www.mfs.ky/news/virtual-asset-service-providers-legislation-published/