Cayman Islands Developing Legal Framework To Attract Cryptocurrency Companies

Cayman Islands, an autonomy within the British Overseas Territories, has announced the creation of a dedicated regulatory framework for virtual currency service providers (VASP).

On Saturday, the Territory's Department of Financial Services released an initial set of regulations that took effect October 28. The ministry explained that they are the first phase of a new plan, which will define the requirements for VASP in the context of combating money laundering and terrorist financing. Crypto companies that are already operating on the islands or are about to relocate to them must notify the Cayman Islands Monetary Authority and register.

The second phase starts in June. Together with it, the requirements for licensing and "prudential supervision" will be established. As expected by the authorities, the new rules will attract participants in the cryptocurrency industry to the jurisdiction.

Earlier, the Cayman Islands were named one of the largest jurisdictions in terms of the amount of funds raised during token sales..

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