{"id":31117,"date":"2020-11-02T16:27:34","date_gmt":"2020-11-02T14:27:34","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=31117"},"modified":"2025-08-28T02:06:54","modified_gmt":"2025-08-27T23:06:54","slug":"amendments-to-cayman-islands-cryptocurrency-legislation-take-effect","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/amendments-to-cayman-islands-cryptocurrency-legislation-take-effect\/","title":{"rendered":"Amendments to Cayman Islands cryptocurrency legislation take effect"},"content":{"rendered":"<p>The Cayman Islands Ministry of Financial Services <a href=\"https:\/\/www.mfs.ky\/news\/government-commences-framework-for-virtual-asset-service-providers\/\" target=\"_blank\" rel=\"noopener noreferrer\">introduced<\/a> a package of laws designed to create a favourable environment for virtual asset service providers (VASP).<!--more--><\/p>\n<p>The new rules are aimed at aligning the regulation of companies in the territory with FATF standards. The FATF is currently conducting a corresponding assessment of Cayman authorities&#8217; efforts.<\/p>\n<p>As part of the first phase, which began on 31 October, the AML\/CFT rules will come into effect. VASPs already operating or planning to do so in this jurisdiction must register with the Cayman Islands Monetary Authority and comply with these rules.<\/p>\n<p>The second phase will begin in June, involving licensing requirements and prudential supervision of VASP activities.<\/p>\n<p><a href=\"http:\/\/gazettes.gov.ky\/portal\/pls\/portal\/docs\/1\/13022563.PDF\" target=\"_blank\" rel=\"noopener noreferrer\">The Virtual Assets Act<\/a>, with amendments from 2020, which will streamline the implementation of the new rules, will be presented at the next session of the Cayman Islands Legislative Assembly.<\/p>\n<p>Earlier in October, the EU <a href=\"https:\/\/forklog.com\/en\/news\/eu-excludes-cayman-islands-popular-with-crypto-firms-from-offshore-haven-blacklist\">excluded<\/a> the Cayman Islands from the offshore blacklist.<\/p>\n<p>In a recent <a href=\"https:\/\/forklog.com\/en\/news\/big-banks-drawn-into-2-trillion-money-laundering-scandal-for-oligarchs-and-criminals\">leak<\/a> of U.S. Financial Crimes Enforcement Network (FinCEN) secret documents, the Cayman Islands <a href=\"https:\/\/www.icij.org\/investigations\/fincen-files\/download-fincen-files-transaction-data\/\" target=\"_blank\" rel=\"noopener noreferrer\">are mentioned<\/a> in 652 transactions.<\/p>\n<p>Subscribe to ForkLog&#8217;s channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Cayman Islands Ministry of Financial Services has presented a package of laws aimed at creating a favourable environment for virtual asset service providers (VASP).<\/p>\n","protected":false},"author":1,"featured_media":31118,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1969,36],"class_list":["post-31117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cayman-islands","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/31117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=31117"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/31117\/revisions"}],"predecessor-version":[{"id":31119,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/31117\/revisions\/31119"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/31118"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=31117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=31117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=31117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}