The Cayman Islands Ministry of Financial Services presented a package of laws aimed at creating an enabling environment for virtual asset service providers (VASP).
The new rules aim to bring the regulations of companies in the country into line with the requirements of the Financial Action Task Force (FATF). The organisation is currently evaluating the efforts of the Caymanian authorities in this regard.
As part of the first phase, which started on 31 October, the AML/CFT compliance regulations will begin to apply. VASPs already represented or planning to do so in this jurisdiction are required to register with the Monetary Authority Bitcoin Bank of the Cayman Islands and follow these rules.
The „second phase“ will commence in June, which involves compliance with licensing requirements and prudential supervision of VASP activities.
The Virtual Assets Act as amended in 2020, which will streamline the implementation of the new rules, will be presented at the next session of the Cayman Islands Legislative Assembly.
Recall that in October the European Union removed the Cayman Islands from the blacklist of offshore jurisdictions.
In the recent leak of secret documents of financial intelligence of the United States (FinCEN), the Caymans are mentioned in 652 transactions.
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