Update to VASP Application, Rule and SoG

The Cayman Islands Monetary Authority (“CIMA”) has changed the application form for the registration of Virtual Asset Service Providers (VASPs) through the REEFS portal. Additionally, CIMA has issued an update to the Rule and Statement of Guidance applicable to Virtual Asset Custodians and Virtual Asset Trading Platforms as gazetted in the Extraordinary Gazette #93/2024 on Friday, 13 December 2024.

Update to VASP Application Form

Effective 13 December 2024, the current VASP application form, APP 101-84, will be replaced with a new form, APP 101-84-05.

This update is designed to streamline the application process by incorporating additional questions and clarifying document requirements. These changes ensure better alignment with the Virtual Asset Service Provider Act (2024 Revision), improve the completeness of submissions, and facilitate a more efficient registration process.

1. All new VASP applications that are to be submitted on or after 13 December 2024 must be completed using the updated APP 101-84-05 form via the REEFS portal.
2. Applications in progress as of 13 December 2024 may still be completed using the existing APP 101-84 form and submitted before 5:00pm on 30 January 2025.
3. Applicants that are not able to submit any in-progress applications by 30 January 2025 will need to use the new form APP 101-84-05, for all future registration submissions.

Update to Rule and Statement of Guidance

CIMA has issued an update to the Rule and Statement of Guidance (“SoG”) applicable to Virtual Asset Custodians and Virtual Asset Trading Platforms. The Regulatory measures were gazetted in the Extraordinary Gazette #93/2024 on Friday, 13 December 2024 and were included as an extraordinary gazette supplement 2024. CIMA’s website has been updated accordingly.

1. Rule – Obligations for the provision of virtual asset services - Virtual Asset Custodians and Trading Platforms

This measure will come into effect on the commencement of the licensing regime within the Virtual Asset Service Provider Act.

2. Statement of Guidance – Virtual Asset Custodians and Trading Platforms (December 2024)

The Gazette can be read in full on CIMA's website.

Should you require any assistance regarding the new VASP application form, the VASP application process, or the updated Rules and SoG please contact Stuarts’ Head of Banking & Regulatory, Jon McLean.