Stuarts Walker Hersant Humphries, is pleased to have been ranked in this year’s IFLR 1000, Legal 500 and Chamber & Partners legal directories. IFLR 1000 In the IFLR 1000 directory, Stuarts Walker Hersant Humphries was ranked for both...
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 STO issuing tokens that require registration complete the required application form and sign the declaration and complete registration before 31 January 2021.