Carey Olsen advises Mauve on becoming the first regulated non-custodial virtual assets exchange
Carey Olsen's fintech and digital assets team in the Cayman Islands has assisted Mauve Limited ("Mauve") in its groundbreaking application for registration as a Virtual Asset Service Provider (VASP) by the Cayman Islands Monetary Authority (CIMA), making it the first regulated and AML/KYC compliant decentralised exchange in the digital assets space.
Mauve provides a platform for trading virtual assets in a fully AML and KYC compliant manner whilst allowing users to maintain custody over their assets. It targets institutions and sophisticated users who require assurance that their counterparties to a trade have been verified and screened for sanctions and illicit activities.
The Carey Olsen team was led by partner Chris Duncan and included attorney Nicholas Vasic and articled clerk Charlotte Crang.
Chris Duncan commented: "As the first regulated non-custodial virtual assets exchange, the approval of Mauve's application is a groundbreaking one, something we are honoured to have been a part of. This success emphasises the strength and expertise of Carey Olsen's market-leading fintech and digital assets practice and also confirms that CIMA is a forward-thinking regulator, willing to embrace novel defi applications on their merits."
