The Cayman Islands government has now issued a commencement order for the Virtual Asset (Service Providers) Law, 2020 (“VASP Law”) which will come into effect on 31 October, 2020.
The VASP Law provides a short, accessible, technology neutral and adaptable framework for the regulation of the provision of virtual asset services.
In addition to maintaining registration or a licence, virtual asset service providers will be subject to various ongoing requirements. As would be expected, the first phase of implementation includes a strong focus on anti-money laundering.
Walkers has particular expertise advising businesses specialising in blockchain, virtual assets, alternative model finance and a wide range of related activities and Walkers Professional Services has a team of outsourced AML Officers ready to assist with the maintenance of AML internal controls.
As always, feel free to get in touch to discuss further.
The Virtual Assets (Service Providers) Law provides a welcome addition to Cayman’s existing, robust body of law, and will serve to further reinforce the confidence and certainty in the virtual assets regulatory environment.
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