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.