Kayman Islands Ownership Submit Organizational tightening of encryption operatorsduty Licensing obligations for trading and custody service providers.
The new laws, which are already approved by the local legislator, will enter into force From April 1, 2025.
New encryption laws and licensing obligations In the Kayman Islands
The official nature has been added to the changes through the virtual asset regulations (service providers) (modification), 2025, which is an organizational update that confirms the role of a CIMA monetary body in overseeing operators in the sector.
Starting from the date of the validity, Each entity provides custody services or cryptocurrency trading platforms, on the basis or operating in the Kayman Islands, You will need For a specific license.
The final appointments for current service providers
the Already active operators You will have to Send a license request within 90 days from April 1, 2025To continue their activities legally.
in detail:
– Current currency trustees You will have to inform Cima about Types and quantities of digital assets that they intend to keep on behalf of customers And the causes of custody.
– Trading platforms You will need to indicate Revenue expectations and the location of the physical devices used for operations.
Additional documents required for trading platforms:
– a Cyber security strategy To protect user money.
Plan for Risk management, loss of losses and theft.
Interior measures for Control and protection of digital assets.
A center in the Kayman Islands for the financial and encryption sector
Cayman Islands, a British region abroad located in Western Caribbeanshe An attractive center for financial operators abroadIncluding Forex and CFD brokers.
The state presented a specific encryption list in 2020 with the Virtual Assets Law (Services Law) (VASP Law). This organizational framework was primarily aimed at fighting money laundering (AML) and facing terrorist financing (CTF).
According to data from Thebanks.euThere are currently 17 virtual asset service providers (VASP) registered and supervised by CIMA. Among them Blockchain.com, Crypto.com and B2C2Prominent companies in the retail sector and institutions.
The effects of the encryption sector
With the introduction of these new regulations, the Kayman Islands government aims to Enhancing the organizational framework and improving the security sector security.
More strict supervision can Encouraging trusted operators and discouraging illicit activitiesUnifying the reputation of the archipelago k The International Financial Center is compatible with global regulations.
