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Virtual Assets Act
The Cayman Islands Government passed the Virtual Asset (Service Providers) Act, 2020 (the “VA Act”) on 25 May 2020. Provisions of the VA Act which relate to enforcement, penalties or offences will be commenced on 31 January 2021. Persons who have not registered or notified the Cayman Islands Monetary Authority (the “Authority”) (by the Authority’s application deadline yet to be announced), but who are engaging in virtual asset services on and after 31 January 2021 will be subject to penalties and other enforcement measures.
Therefore, we suggest that all virtual asset service providers (i.e. STO issuing tokens) complete the required application form (the CIMA form AML/CFT Inherent Risks – Virtual Asset Service Provider – AIR 157-84 found on REEFS) and sign the declaration and complete registration before 31 January 2021.
This publication is for general guidance and is not intended to be a substitute for specific legal advice. Specialist advice should be sought about specific circumstances. If you would like further information, please contact: