News & Insights

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 STO issuing tokens that require registration complete the required application form and sign the declaration and complete registration before 31 January 2021.

Contact our experts for further advice

View profile for Chris HumphriesChris Humphries
Managing Director and Head of Funds
, View profile for Jonathan McLeanJonathan McLean
Partner and Head of Banking & Regulatory

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.