Cayman Islands: Legislation proposed to regulate virtual asset service providers

The Cayman Islands has introduced 5 Bills namely:

The Virtual Asset (Service Providers) Bill, 2020 “VASPB”; the Monetary Authority (Amendment) (No.2) Bill, 2020; the Securities Investment Business (Amendment) Bill, 2020; the Mutual Funds (Amendment) (No. 2) Bill, 2020; and the Stock Exchange Company (Amendment) Bill, 2020 to pave the way for an expansion in fintech and virtual asset service providers, such as those dealing in cryptocurrency like Bitcoin.

Under the provision of the proposed VASPB, any person providing virtual asset services or in the course of business for Cayman based customers or for overseas clients would need to apply for a virtual assets license, or seek registration or obtain a waiver before they can provide any virtual asset services.

It is anticipated that the passing of this legislation will significantly enhance the financial technology capabilities of the jurisdiction.

Please find here links to the following for your further information:

Cayman Islands Ministry of Finance Advisory
Cayman Islands government (FAQs)
Virtual Asset (Service Providers) Bill 2020 (PDF)
Cayman News Service

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PORTCULLIS GROUP
www.portcullis.co

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開曼群島：擬定立法規範虛擬資產服務提供商

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開曼群島政府已推出下列五項法案：‍

2020年虛擬資產（服務商）法案（簡稱「虛擬資產商法案」）、2020年金融管理局（修正）（第2號）法案、2020年證券投資事業（修正）法案、2020年共同基金（修正）（第2號）法案、2020年股票交易公司（修正）法案，以便為金融科技產業及虛擬資產服務商的擴展鋪路，例如：從事像比特幣等加密貨幣業務的公司。

依據擬議的虛擬資產商法案的條款規定，任何人若提供虛擬資產服務或從事開曼本地顧客或海外客戶的業務，則在其可提供任何虛擬資產服務之前，必須先申請一項虛擬資產執照或先行註冊或取得特許。

可預期的是，本項立法通過之後，將大幅提高當地的金融科技產能。

為便於 貴公司取得各項資訊，本函在此附上通往下列網站的連結

開曼群島金融諮詢部
開曼群島政府（常見問題）
2020年虛擬資產（服務商）法案 (PDF)
開曼新聞服務社

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保得利集團
www.portcullis.co