Well, slap my grandma and call me Davy Crockett! The British Overseas Territory of Cayman Islands, where the sun shines bright and the water’s crystal clear, has decided to put on its sheriff’s hat and implement licensing requirements for crypto custody and trading platforms, effective from April Fool’s Day! 🎉
As of the day we all play pranks, the updated Virtual Asset (Service Providers) (Amendment) Regulations, 2025, say that all firms providing custody and trading services for digital assets must get themselves a license. And who’s gonna oversee these regulated firms? None other than the Cayman Islands Monetary Authority itself! 🏛️
In their applications, crypto custodians must spill the beans on “the types and amounts of virtual assets” they’ll hold and give a good reason why they need custody. Trading platform operators, on the other hand, have to reveal their expected revenue and point out where the hardware that supports their operations is hiding. This marks a big ol’ change for the crypto firms operating in the Cayman Islands, which used to have an open regulatory regime. 🔄
Now, let’s not forget, the British Overseas Territory first put the VASP Act into action back in 2020, making sure VASPs were either licensed or registered with CIMA. But the real reason for this law wasn’t just to regulate the crypto industry; oh no, it was mostly to keep money launderers and terrorists from getting their hands on any dough. And now, with the new regulation taking effect on April 1st, it includes crypto service providers too. 🕵️♂️
At present, there are 17 companies in the Cayman Islands that are registered as VASPs, including big names like Crypto.com and Blockchain.com. They’re probably feeling a mix of excitement and nervousness right about now. 🤩!
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2025-03-10 15:06