Cayman Islands updates its cryptocurrency regulatory framework, requiring CIMA licensing for virtual asset platforms to provide services
Online reports that the Cayman Islands has updated its cryptocurrency regulatory framework, and new licensing rules will take effect on April 1, 2025. Under the Virtual Assets (Service Providers)(Amendment) Regulations 2025, all entities providing virtual asset custody and trading platform services require permission from the Cayman Islands Monetary Authority (CIMA). Existing virtual asset service providers (VASPs) must submit a license application within 90 days of the effective date. As part of the application process, cryptocurrency custodians must disclose the type and amount of virtual assets they intend to hold for customers, while trading platform operators are required to provide details about expected revenue and physical hardware location.
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