The new cryptocurrency regulatory framework in the Cayman Islands introduces new licensing requirements, effective April 1

2025-03-10 18:29:29

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ChainCatcher news, according to Bitcoin.com News, the Cayman Islands has updated its cryptocurrency regulatory framework and established new licensing regulations that will take effect on April 1, 2025.

According to the 2025 Virtual Assets (Service Providers) (Amendment) Regulations, all entities providing virtual asset custody and trading platform services are required to obtain a license issued by the Cayman Islands Monetary Authority (CIMA). Existing virtual asset service providers (VASPs) must submit their license applications within 90 days after the effective date.

As part of the application process, crypto asset custodians must disclose the types and amounts of virtual assets they intend to hold for clients, while trading platform operators need to provide details about expected revenue and the location of their physical hardware.

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