Cayman Islands Seeks To Attract Cryptocurrency Companies With New Regulations

Kaymanov island, one of the world's largest offshores, develop cryptocurrency regulation in an attempt to attract more industry companies in jurisdiction.

According to the statement
Ministry of Financial Services of the Kaiman Islands, The regulator published The initial set of rules for cryptocurrency operators, with the adoption of the law on electronic assets 28 October.

According to the ministry, This is the "first stage" of the development of rules, which determines, How the Kaymanovs of the islands will regulate cryptocurrency firms and ensure measures to combat money laundering (AML) and counteracting the financing of terrorism (CFT).

Operators of cryptocurrency services, who are already working on the Kaiman Islands or plan to do this, will have to notify the authorities, Register in the management of the cash circulation of the Kaiman Islands (UP) and comply with aml/cft rules.

"Second stage", which should enter into force in June next year, will be devoted to the requirements of licensing and “prudent control” of cryptocurrency service suppliers. Last Thursday was published
virtual asset bill, containing provisions, facilitating the phased implementation of new rules. It will be presented at the next meeting of the Legislative Assembly of the Kaiman Islands.

The ministry announced, that the new regulation will improve the capabilities of the government to attract new organizations or individuals to register on the Kaiman Islands.

Recall, that recently regulators of Peru have begun to develop rules for cryptocurrencies, And Malaysia has released an updated guide to regulate digital assets.