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Commencement of Cayman Islands Virtual Asset (Service Providers) Act, 2020

Oct 30, 2020

Advisory
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KEY TAKEAWAYS:

  • Details on what counts as a virtual asset under the VASP Act

  • How virtual assets are regulated in the Cayman Islands

  • Virtual asset compliance requirements under CIMA

The Cayman Islands government has now issued a commencement order for the Virtual Asset (Service Providers) Act, 2020 (“VASP Act”) which will come into effect on 31 October, 2020 (the “Commencement Order”)

The VASP Act provides a short, accessible, technology neutral and adaptable framework for the regulation of the provision of virtual asset services. Pursuant to the Commencement Order, there will be a phased approach to the implementation of the VASP Act as described in this advisory.

Click to view advisory

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