Where to relocate virtual asset series - spotlight on Cayman Islands
As virtual assets continue to surge in global prominence, the regulatory landscape governing them becomes increasingly crucial. The jurisdiction in which virtual asset service providers (VASPs) choose to operate can significantly impact their prospects – either nurturing innovation or stifling growth.
In the second instalment of The Fintech Times' ‘Where to Relocate’ series, we turn the spotlight to the Cayman Islands as a VASP-friendly jurisdiction. Situated in the Caribbean, the Cayman Islands offer a unique blend of regulatory excellence, technological innovation, and a commitment to fostering the growth of digital assets.
Island paradise meets digital innovation
Renowned for its pristine beaches and crystal-clear waters, the Cayman Islands are also making waves in the digital asset landscape. This British Overseas Territory has been actively positioning itself as a leading global financial centre with a strong focus on providing a conducive environment for virtual asset businesses.
The Cayman Islands Government, in collaboration with the Cayman Islands Monetary Authority (CIMA), has crafted a regulatory framework that welcomes VASPs while ensuring compliance with international standards. This framework is at the core of the Cayman Islands’ appeal to virtual asset businesses looking for a supportive yet regulated jurisdiction.
Cayman: where innovation and regulation converge
Having explored insights from industry experts, government officials, and leading service providers, it’s evident that the Cayman Islands is where innovation and regulation converge seamlessly in the virtual asset landscape. With a clear and robust regulatory framework, VASPs find a welcoming home here, fostering innovation while upholding the highest standards of compliance.
The Cayman Islands offer a thriving ecosystem where digital innovation thrives under the watchful eye of regulators committed to safeguarding the industry’s integrity.
In the following articles, our contributors offer in-depth perspectives, valuable insights and practical guidance for those considering the Cayman Islands as their preferred jurisdiction for virtual asset services.
They explore the dynamic synergy between innovation and regulation in the virtual asset landscape of the Cayman Islands
Hon André M. Ebanks MP
Hon André M. Ebanks MP, Cayman Islands’ Minister for Financial Services and Commerce, outlines the government’s vision for Cayman’s digital future, emphasising the importance of balancing innovation with robust regulation.
Cayman Finance
Explore the role of Cayman Finance, a non-profit membership organisation, in promoting the growth of the Cayman Islands’ financial services sector while safeguarding its reputation through strategic pillars like promotion, protection, and community engagement.
Cayman Islands Monetary Authority
As a premier international financial hub and with new emerging trends constantly in flux, the Cayman Islands recognises the importance of staying at the forefront of global finance, all while ensuring a robust regulatory framework, explains the Cayman Islands Monetary Authority.
Carey Olsen
Learn how Carey Olsen, a prominent offshore law firm, supports virtual asset businesses in navigating the complex legal landscape of the Cayman Islands, ensuring compliance with evolving regulations.
KPMG Cayman Islands
Discover how KPMG Cayman Islands, a leading professional services firm, provides comprehensive audit, tax, and advisory services to virtual asset businesses while upholding the highest standards of financial probity and transparency.
Mauve Limited
Matt McGuire, general counsel and chief compliance officer of Mauve Limited, shares how the company leverages Cayman’s regulatory framework to pioneer a non-custodial crypto exchange that prioritises user privacy while complying with stringent anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
An original version of this article was first published by The Fintech Times, October 2023.
