Crypto Funds in the Cayman Islands – Rise, Regulations and Structures
The Cayman Islands has seen a significant rise in the number of fintech funds being established and is increasingly becoming the preferred jurisdictional choice for fund managers seeking to establish new funds investing in cryptocurrencies and blockchain products.
New Travel Rules for Virtual Asset Service Providers
The Cayman Islands Monetary Authority (the “Authority”) has advised that PART XA of the Anti-Money Laundering (Amendment) (No. 2) Regulations, 2020 (“AMLRs”), will commence effective 1 July 2022. Part XA of the AMLRs sets out the identification and record-keeping requirements relating to transfers of virtual assets.
Registration and Continuing Obligations of a Virtual Asset Service Provider
Introduction This Guidance Note sets out the registration and continuing obligations of a virtual asset service provider registered with, or licensed by, the Cayman Islands Monetary Authority (“CIMA”) under the Virtual Asset (Service Providers) Act, (2022 Revision) (the “VASPA”).
Registration of Virtual Asset Service Providers in the Cayman Islands
The Virtual Asset (Service Providers) Law, 2020 The Cayman Islands Government passed the Virtual Asset (Service Providers) Law, 2020 (the “Law”) on 25 May 2020. This was accompanied with updates to a number of other laws including the Monetary Authority (Amendment) (No.2) Law, 2020, the Securities Investment Business (Amendment) Law, 2020 (the “SIBL”), the Mutual …
Continue reading “Registration of Virtual Asset Service Providers in the Cayman Islands”
The Private Funds (Amendment) Law 2020
On 7 July 2020, the Government of the Cayman Islands passed the Private Funds (Amendment) Law, 2020.
New Regulatory Regime for Exempted Funds and Private Funds
On 8 January 2020, the Government of the Cayman Islands published a draft Private Funds Bill, 2020 (the “”) and simultaneously a draft Mutual Funds (Amendment) Bill, 2020 (the “” and together with the Private Funds Bill the ” Bills”).
The International Tax Co-operation (Economic Substance) Law, 2018
On 1 January 2019, the Cayman Islands introduced The International Tax Co-operation (Economic Substance) Law, 2018 (the “Law”). The Law has been issued in response to the Cayman Islands’ commitment to the global initiative to combat base erosion and profit shifting.
Data Protection Law, 2017 In Effect
The Cayman Islands Data Protection Law, 2017 (the “DPL”), came into effect on 30 September 2019.
Economic Substance Requirements – Fund Managers
The International Tax Co-operation (Economic Substance) Law, 2018 (the “ES Law”) came into effect in the Cayman Islands on 1 January 2019, requiring in-scope entities that carry on particular activities to have demonstrable economic substance in the Cayman Islands.
The Cayman Islands Data Protection Law, 2017
The following information relates to the enactment of The Cayman Islands Data Protection Law, 2017 ("DPL"), which came into effect on 30 September 2019.