{"id":103043,"date":"2020-11-02T14:06:42","date_gmt":"2020-11-02T11:06:42","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cayman-islands-introduce-regulations-for-virtual-asset-service-providers\/"},"modified":"2020-11-02T14:06:42","modified_gmt":"2020-11-02T11:06:42","slug":"cayman-islands-introduce-regulations-for-virtual-asset-service-providers","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cayman-islands-introduce-regulations-for-virtual-asset-service-providers\/","title":{"rendered":"# Cayman Islands introduce regulations for virtual asset service providers"},"content":{"rendered":"

“# Cayman Islands introduce regulations for virtual asset service providers <\/strong>”
\n<\/p>\n

The Ministry of Financial Services of the Cayman Islands Government announced that it has commenced a regulatory framework for virtual asset service providers, or VASPs.<\/p>\n

In an Oct. 31 press release<\/a>, the ministry claimed that the move had strengthened the country\u2019s \u201cability to regulate and attract persons and entities that deal with virtual assets as a business.\u201d<\/p>\n

The first phase of the implementation, which is already underway, focuses on compliance with and enforcement of Anti-Money Laundering and Countering the Financing of Terrorism rules.<\/p>\n

The new framework incorporates the updated recommendations which the Financial Action Task Force adopted in 2019.<\/p>\n

As Cointelegraph reported at the time, these recommendations included the controversial \u201ctravel<\/a> rule\u201d, which requires VASPs to collect and share personal data on the originator and beneficiary of transactions.<\/p>\n

Existing VASPs and newcomers to the market will need to register with the Cayman Islands Monetary Authority in order to demonstrate their compliance with global AML\/CFT standards.<\/p>\n

Cayman\u2019s AML\/CFT regime is currently under review by both the FATF and the Caribbean Financial Action Task Force following a recent Mutual Evaluation Report.<\/p>\n

The VASP framework will be submitted for consideration prior to the CFATF re-rating, due in November. The findings of the FATF review are expected by the end of Q1 2021.<\/p>\n

The second phase of the framework implementation will include \u201clicensing requirements and prudential supervision,\u201d and is expected to come into force in June 2021.<\/p>\n

Last month the Cayman Islands was removed from the EU\u2019s tax haven blacklist and would app<\/a>ear to be making serious efforts to improve its image in financial circles.<\/p>\n<\/div>\n

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For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n

\n

If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“# Cayman Islands introduce regulations for virtual asset service providers ” The Ministry of Financial Services of the Cayman Islands Government announced that it has commenced a regulatory framework for virtual asset service providers, or VASPs. In an Oct. 31 press release, the ministry claimed that the move had strengthened the country\u2019s \u201cability to regulate…<\/p>\n","protected":false},"author":1,"featured_media":103044,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/3aad28d2-5ed5-4679-9c8a-9611cce166ce.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[115,70934],"class_list":["post-103043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-news","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/103043","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=103043"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/103043\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/103044"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=103043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=103043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=103043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}