ICOs in the Cayman Islands We have experienced a rapid growth in Initial Coin/Token Offerings over the course of the last year and we have now advised on the launch of several dozen ICOs (both in relation to utility tokens and tokenized investment funds). Whilst no specific legislation has been passed by the Cayman Islands Government in connection with ICOs and cryptocurrencies, it would be incorrect to say that ICOs are “unregulated”. The fact is that some of the existing legislation in the Cayman Islands can, and in certain circumstances will, be applicable. We suspect that more-specific guidance will be issued by the Cayman Islands Monetary Authority very shortly and that positive legislation will eventually be created.
|