The Cayman Islands has updated its crypto regulatory regime by introducing new licensing rules. Starting from April 1, 2025, entities offering virtual asset custody and trading platform services must obtain a license. The Cayman Islands Monetary Authority (CIMA) will oversea the regulated crypto firms. Existing virtual asset service providers (VASPs) must submit their license applications within 90 days from April 1. When applying for a license, crypto custodians must provide information about the types and amounts of virtual assets they hold on behalf of clients, while trading platform operators must indicate their expected revenue and the location of their physical hardware. The update aims to enhance cybersecurity, risk management, and safeguarding measures within the crypto industry in the Cayman Islands.



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