This notice provides an update on the Virtual Asset Service Provider (“VASP”) registration process and regulatory developments relating to the licensing regime for virtual asset custodians and trading platforms under the Virtual Asset (Service Providers) Act, 2020 (the “VASP Act”).
The Cayman Islands Monetary Authority (the “Authority”) will, on a continuous basis, make available on the Authority’s website1 the names and status of entities that have been approved for registration pursuant to the VASP Act.
The Authority underscores the importance of the submission of complete and high-quality applications. The following common deficiencies have been observed in the review of VASP applications for registration and can cause delay:
To assist with the completion of the application forms, and avoid these common errors, guidance has been made available via the Authority's Regulatory Enhanced Electronic Forms Submission ("REEFS") System.
Please be advised that an application for registration will not be processed by the Authority until it is complete. Therefore, to avoid delays in the registration process, the Authority strongly encourages prospective applicants to submit complete VASP registration applications including all required information and necessary supporting documentation.
The Authority also takes this opportunity to announce the publication of the Rule and Statement of Guidance for the provision of virtual asset services - Virtual Asset Custodians and Virtual Asset Trading Platforms for private sector consultation. This represents an important milestone in the development of the second phase of the VASP regime in the Cayman Islands.
The Authority wishes to thank market participants for their continued collaboration in the development of a robust and flexible regulatory regime for the provision of virtual assets services in or from the Cayman Islands.
Should you require any further information, please email email@example.com.
Be the first to know about releases and industry news and insights.