News & Insights

Virtual Assets Act

The Cayman Islands Government passed the Virtual Asset (Service Providers) Act, 2020 (the “VA Act”) on 25 May 2020.

Provisions of the VA Act which relate to enforcement, penalties or offences will be commenced on 31 January 2021. Persons who have not registered or notified the Cayman Islands Monetary Authority (the “Authority”) (by the Authority’s application deadline yet to be announced), but who are engaging in virtual asset services on and after 31 January 2021 will be subject to penalties and other enforcement measures.

Therefore, we suggest that all STO issuing tokens that require registration complete the required application form and sign the declaration and complete registration before 31 January 2021.

Contact our experts for further advice

Chris Humphries

Managing Director and Head of Funds

Tel:+1 (345) 814-7911

,

Jonathan McLean

Partner and Head of Banking & Regulatory

Tel:+1 (345) 814-7930

This publication is for general guidance and is not intended to be a substitute for specific legal advice. Specialist advice should be sought about specific circumstances.

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“Very responsive team with wide knowledge on funds-related issues, including crypto funds.”
Fund Client Testimonial - IFLR 1000
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Client Testimonial - Chambers & Partners
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Fund Client Testimonial - Legal 500
“The partners roll up their sleeves, take great pride in the work they do and go to great lengths to make themselves available.”
Client Testimonial - Chambers & Partners
“Stuarts Humphries, understands the complex issues we face and the firm offers substantial value in relation to the fees charged.”
Legal 500
“They are very thorough, knowledgeable and most importantly very responsive.”
Fund Client Testimonial - IFLR 1000
“Their strongest point is their customer service. They are incredibly responsive and helpful in meeting our deadlines.”
Fund Client Testimonial - Chambers & Partners
“They provide straightforward, practical advice and the level of attention we receive is very high. They are good at dealing with commercial matters in a commercial context.”
Legal 500

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