New Cryptocurrency Regulations Proposed in Cayman Islands

Cayman Islands’ legislative assembly introduced new legislation capable of regulating local companies carrying out activities related to cryptocurrencies. The main purpose of the proposed rules is towards monitoring the operations of digital asset exchanges. On April 28, the Virtual Asset Service Provider (VASP) Bill was submitted for review and its aim is offer a regulatory framework. The framework deals with registration guidelines and requirements for companies that offer services related to cryptocurrency. The proposed regulations are based on FATF guidelines such that…