Cayman Islands introduce regulations for virtual asset service providers
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....
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The Cayman Islands is building a regulatory framework for "virtual asset service providers" with some measures already enacted.
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 Cuban government has issued new regulations concerning the operation of virtual asset service providers (VASPs) in the country. In an official resolution, the Bank of Cuba establishes specific procedures that these individuals or companies must follow to operate legally in the country, after establishing a general framework in August.
Bank of Cuba Clarifies Rules for VASPs
The Cuban government has advanced a new law framework that brings clarity to how virtual asset service providers must proceed to operate legally in Cuba. A new decree, identified with the number 89/2022,....
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,....