EU excludes Cayman Islands, popular with crypto firms, from offshore-haven blacklist

The authorities of the European Union removed the Cayman Islands from the list of countries that do not meet their obligations on tax cooperation, according to Reuters. In this jurisdiction, six cryptocurrency exchanges are based, whose clients had about $450 million in bitcoin credited to their accounts in the first half of the year.

According to the Crystal Blockchain analytics service, since 2013 this Cayman figure has totaled $2.3 billion, placing them tenth among all jurisdictions.

Volume of bitcoins received and sent by cryptocurrency exchanges in various countries. Source: Crystal Blockchain.

The Seychelles remains the leader with $64.5 billion. Twelve cryptocurrency platforms are registered there, including turned out to be BitMEX, under scrutiny by US authorities. The jurisdiction remains on the EU blacklist.

In May 2020, on the Seychelles, the Virtual Asset Service Providers Act came into force, providing for the regulation of companies and also the registration and licensing of individuals who provide such services.

In the updated list there are now twelve countries and territories.

Panama Papers: banks and private blockchains at the service of corruption

In the latest leak of FinCEN confidential documents, the Cayman Islands are mentioned in 652 transactions.

Earlier ForkLog reported that Binance-linked entities are registered both in the Cayman Islands and on the Seychelles.

Subscribe to ForkLog news on VK!