According to the recently adopted amendments to the current rules on virtual assets, the activities of the suppliers of crypto services are controlled by the management of the cash circulation of the Kaiman Islands (CIMA). Crypto services already working in the country will have to send applications for a license to the regulator within 90 days from April 1.
When submitting an application for registration, services involved in the storage of cryptocurrencies must be informed by the department “Types and volumes of virtual assets”, which can be stored on behalf of their customers. Castodians should also mention methods that contribute to the safe storage of these digital assets.
As for the operators of trading platforms, they must indicate their expected revenue and location of physical equipment for operations. Along with a set of standard documents, these platforms are also required to talk about measures taken to ensure cybersecurity, risk management, protection of crypto assets and internal control of business processes. This is necessary to prevent the theft of funds and financial losses of customers.
Now on the Kaiman Islands 17 suppliers of virtual assets services are registered. All of them are under the supervision of CIMA. The list includes Blockchain.com, Crypto.com, B2C2 and others. In 2023, the Nexo cryptocurrency creditor filed a law on the financial regulator, saying that the department refuses to register it as VASP.
Source: Bits
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