Cayman Islands Announces Legal Framework in Bid to Attract Crypto Businesses

Yet, the biggest crypto hub remains on the blacklist. The EU decided to remove Cayman Islands from its blacklist of tax heavens on Tuesday.The Cayman Islands is a popular jurisdiction for crypto businesses. It was added to the EU's blacklist in February of this year, so it has spent fewer than six months on the list. In 2019, the six exchanges domiciled there were responsible for over $1.5 billion in international Bitcoin (BTC) transactions.Though these numbers pale in comparison to the global leader — the Seychelles, whose 12 exchanges were responsible for $36 billion, the Seychelles....

The Cayman Islands, a British Overseas Territory in the western Caribbean Sea and a major world offshore financial center, are betting on new financial technologies based on the Bitcoin blockchain, Cayman Compass reports. A new company, Latitude, which provides seed capital and mentorship programs to tech ventures could potentially bring dozens of cutting-edge startup companies to Cayman Islands. Latitude aims to begin its program in Cayman Enterprise City in January, subject to the necessary approvals. Latitude founder Arthur Corry says: "Our purpose as an accelerator is to structure....

The notorious tax haven appears to be cleaning up its act on AML and counter terrorist financing ahead of an FATF review. The Ministry of Financial Services of the Cayman Islands Government announced that it has commenced a regulatory framework for virtual asset service providers, or VASPs.In an Oct. 31 press release, the ministry claimed that the move had strengthened the country’s “ability to regulate and attract persons and entities that deal with virtual assets as a business.”The first phase of the implementation, which is already underway, focuses on compliance with and enforcement of....

Blockchain.com is working to seek registrations in countries like Italy, France, Spain, The Netherlands and cities like Dubai. Blockchain.com, one of the oldest Bitcoin (BTC) infrastructure firms, is strengthening regulation and compliance efforts by securing registration in the Cayman Islands.The blockchain wallet and cryptocurrency exchange platform Blockchain.com is expanding operations in the Cayman Islands after receiving registration from the Cayman Islands Monetary Authority (CIMA).Issued on July 6, the registration officially authorizes Blockchain.com to provide custodial services,....

The Isle of Man wants to become a leading Bitcoin hub and attract digital fintech businesses, entrepreneurs and developers, Business Insider reports. The government of the tiny island is about to pass a new regulatory framework to create a true paradise for digital currencies. The Isle of Man is a self-governing British Crown dependency located in the Irish Sea between the islands of Great Britain and Ireland. While the United Kingdom is responsible for the island's defense and foreign policy, the local parliament and government have power over all domestic matters. Business regulations....