Cayman Islands updates its cryptocurrency regulatory framework, virtual asset platforms need CIMA license to provide services

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Cointime2025/03/10 10:11

By:Cointime

The Cayman Islands has updated its cryptocurrency regulatory framework, with the new licensing rules set to take effect on April 1, 2025. Under the 2025 Virtual Asset (Service Providers) (Amendment) Regulations, all entities providing virtual asset custody and trading platform services will need to obtain a license from the Cayman Islands Monetary Authority (CIMA). Existing Virtual Asset Service Providers (VASPs) must submit a license application within 90 days after the effective date.

As part of the application process, cryptocurrency custodians must disclose the types and quantities of virtual assets they intend to hold for clients, while trading platform operators need to provide detailed information about expected revenue and physical hardware locations.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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