Cayman Islands now requires licensing for CRIPTO Custody and Merchant Companies

Cayman Islands, Autonomous British Foreign Territory in the Caribbean attracting many crypts companies in recent years thanks to their friendly regulatory structure, now requires companies that provide detention and trade services and trade services.

Country Updated Virtual Mean (Service Providers) RegulationsThe new law enters into force 1. April 2025. years, and companies that have already worked in the country will need to submit their application before 29. June 2025.

The application process requires that they are drawn to discover the species and amount of crypto planned to keep their clients, as well as to ensure an excuse for ensuring safe storage of these cryptocurries, inter alia.

Trade platforms, on the other hand, will have to give insight into the expected income and physical location of their operational hardware, as well as revealed to ensure the safety of these funds.

Initial set of Caiman Islands Rules for Virtual Assets Services (VASPS) came into effect 2021. years. Then then the framework for “strengthen” the government’s ability to extract new entities was designed.

Since then, several small and large cryptian firms received permits in the country, including coinbass, binini, in points. Others even opened the seat in that area, such as Sui Foundation.