Cayman Islands Crypto Regulations
The Cayman Islands have remained reputed as among the best classes in providing economic services with their very business-friendly environment. As such, this has drawn a number of interests for enterprise operators working within the cryptographic digital assets and blockchain space. For firms offering virtual asset services, obtaining a Virtual Asset Service Provider license is a key step forward in ensuring regulatory compliance and credibility. This article gives a glimpse into key areas of interest which one needs to note while obtaining a VASP permit in the Cayman Islands.
This recent surge in the popularity of digital currencies has called upon governments and regulatory bodies around the world to balance the scales between allowing innovation and securing their financial systems. As different jurisdictions have tried to find their way to regulate crypto-related activities, the Cayman Islands have definitely been one of the more interesting cases.
Government Stance and Definition
The Cayman Islands is a significant financial centre internationally, creative in the application of the rule of law, and friendly to business. Stability within its social and political sectors, in concert with the related legal ties with the United Kingdom, tax neutrality, and appropriate regulation within its financial services sector, makes this an appealing jurisdiction for increasingly sophisticated investor bases and institutional investor communities globally.
These attributes have created a position for the Cayman Islands as the jurisdiction of choice for the establishment of structures related to fintech. Be it fund vehicles that invest in digital assets, cryptocurrency exchanges, initial coin or token offerings, or the issuance of protocols or networks offering decentralized finance, each may rely on the reputation of the jurisdiction.
Cayman Islands
Capital |
Population |
Currency |
GDP |
| George Town | 68,136 | The Cayman Islands Dollar | 86,568.77 KYD |
Recognizing the need to foster fintech and digital assets business, one speaks with the Government of the Cayman Islands, the Cayman Islands Monetary Authority (“CIMA”), and industry groups such as Cayman Finance and the Cayman Islands Blockchain Foundation with one voice. They work together in the interest of attracting and developing the sector, while maintaining the jurisdiction’s commitment to the very highest financial standards and transparency-in the context of digital assets.
In May 2020, the Cayman Islands updated its framework for the supervision and regulation of virtual asset service businesses-the Virtual Asset (Service Providers) Act, 2020 (the “VASP Act”) in accordance with international standards from the Financial Action Task Force. The law is implemented in two phases: Phase 1 focused on anti-money laundering regulations and VASP registration, while Phase 2, which will address licensing and additional matters, is yet to be implemented.
Although the date of implementation for the second phase is still pending, the new regime further cements the Cayman Islands as a state-of-the-art platform for VA businesses. Offering a flexible regulatory regime that provides clear guidance for operators of such businesses, it also ensures consistency with international standards.
Under the VASP Act, “virtual asset” is loosely defined as any digital representation of value that is traded or transferred digitally for payment or investment. Probably the most important items falling outside this definition are digital representations of fiat currencies and “virtual service tokens” that cannot be transferred or exchanged with third parties, which even includes tokens that do not provide any other function than access to, or provision of, a service.
To further elucidate the VASP Act, the Virtual Assets [Service Providers] Regulations (the “VASP Regulations”) were published in October 2020. It contains provisions about applications for registration and related information on fees payable, as well as additional guidance on an issuance of virtual assets, which is considered in greater detail below.
Crypto regulations
The VASP Act expressly confirms the legal validity of digital assets and cryptocurrencies within the Cayman Islands, while subjecting businesses offering services connected with virtual assets to regulation. Generally speaking, virtual assets as such, and persons dealing in them for their own internal purposes, are not regulated in the Cayman Islands.
The VASP Act requires all VASPs to be licensed, or registered with CIMA, exempt, or holders of a sandbox licence. A “VASP” is an entity incorporated or registered in the Cayman Islands and which, as part of its business, provides a virtual asset service.
By the meaning of the VASP Act, the “virtual asset service” refers to an issuance of virtual assets or the provision of any of the following services for or on behalf of any other person: Exchange between virtual assets and fiat currencies; Exchange between one form or more other forms of convertible virtual assets; Transfer of virtual assets. Custodianship of Virtual Assets refers to the holding or control of virtual assets or instruments enabling control over such assets; Participation in and provision of financial services related to a virtual asset issuance or the sale of a virtual asset.
Note that a cryptocurrency or digital asset business that does not fit within one of the above categories may remain subject to more general regulations in the Cayman Islands. Such non-digital asset-specific legislation includes the Securities Investment Business Act (“SIBA”), the Money Services Act, and AML regulations, each of which is described in greater detail below.
Sales regulations
| Section | Details |
|---|---|
| VASP Act | As has been explained above, the issuance of virtual assets, the provision of financial services related to the issuance or sale of virtual assets, and the transfer of virtual assets, if conducted as a business by a Cayman Islands entity for or on behalf of another person, would fall within the in-scope activities under the definition of virtual asset services, rendering licensure or registration with CIMA under the VASP Act. Under the VASP Act, any issuance of virtual assets must be preapproved by CIMA. For the purposes of the VASP Act, the term “issuance” means an offering of newly created virtual assets to the public in exchange for fiat currency, other virtual assets or otherwise. While the term “public” is not defined under the VASP Act, it should be interpreted broadly. The VASP Regulations distinguish a “private sale”-not advertised and sold through private agreements to a limited number of persons-from a sale to the public, potentially exempting certain sales from VASP Act registration requirements. Likewise excluded from said requirement is any sale of virtual service tokens, as well as any transfer made without consideration-in other words, an “airdrop”. Direct issuances are subject to a prescribed maximum threshold, yet to be fixed at the time of writing. The threshold exemption applies if the issuance is facilitated by one or more virtual asset trading platforms or obliged entities, provided these platforms are either licensed under the VASP Act or regulated in another non-high-risk jurisdiction. |
| Investment Funds | A Cayman Islands entity operating as an investment fund issuing digital assets may be subject to the Mutual Funds Act (in respect of open-ended funds) or the Private Funds Act (in respect of closed-ended funds), if such digital assets involve equity or an interest in the investment. Whether this is, or will be, the case depends on a number of factors, and specific advice should be sought. Such is the case, for example, with “equity interest” under the Mutual Funds Act, which now includes “any other representation of an interest,” which would no doubt encompass a multitude of digital assets. The pooling vehicles that invest into the digital asset space or that accept digital assets by subscription in return for investments in traditional asset classes, should seek Cayman Islands legal advice. |
| Securities Investment Business Act (SIBA) | Accordingly, SIBA defines an entity incorporated, registered, or operating from the Cayman Islands, dealing in, arranging, managing, or advising on the acquisition or disposal of digital assets that fall within such meaning of “securities” under SIBA. It would be brought within the ambit of SIBA and, to this end, would be required to obtain appropriate registration or licensing from CIMA supplementing those requirements under the VASP Law. The definition of “securities” specifically includes virtual assets that can presently be sold, traded, or otherwise exchanged, or that are anticipated to be sold, traded, or otherwise exchanged in the future, where there is representation or conversion into traditional securities or derivatives of traditional securities. Whether a digital asset fits into these categories depends on the facts and circumstances of the particular asset. |
| Offerings, Sales or Issues in the Cayman Islands | In respect of offerings, sales or issues in the Cayman Islands, a number of regulatory considerations arise. The Companies Act provides that an exempted company which is not listed on the Cayman Islands Stock Exchange is not permitted to offer securities to the Cayman Islands public. Similar prohibitions exist under the LLC Act with respect to LLCs. Even those entities whose base is outside the Cayman Islands have to be careful not to engage in activities amounting to “carrying on a business” in the Cayman Islands, which would otherwise invite the attention of the registrar, additional licensing, and penalties. Although there is no statutory definition for “carrying on a business,” seeking legal advice is advised. In practice, these limitations are not a matter of great concern to the issuer, as the definition of “public” contains certain exclusions, and issuers typically would be targeting investors outside of the Cayman Islands. |
| Taxation | The Government of the Cayman Islands does not impose any income, inheritance, gift, capital gains, corporate or withholding or other tax in connection with the issue, holding or transfer of digital assets. Stamp duty will probably be payable in respect of original documents executed in or brought into the Cayman Islands, but the amounts usually levied are nominal. All Cayman Islands entities can apply for and, upon the payment of a modest fee, be granted a tax exemption certificate. This is a certificate confirming that no law that has been or may be passed in the Cayman Islands imposing any tax on profits, income, gains, or appreciations shall apply to the entity or in respect of any operations of the entity, from the date hereof for a period of twenty or fifty years. Money transmission laws and anti-money laundering requirements |
Money Transmission Laws
Pursuant to the Money Services Act, any person operating a “money services business” in or from the Cayman Islands is required to obtain a license from CIMA. Operating such a business without a license is a criminal offense.
A “money services business” is defined as carrying on the business of providing any of the following services: money transmission or currency exchange. Although there is no absolute clarity regarding whether this encompasses transactions in cryptocurrency or digital assets, an impending reading of the statute may, in some cases, make it seem to apply. Particularly when digital assets are used in a manner whereby they are just facilitating fiat currencies or probably converting one fiat currency into another, the legislation may apply. In this respect, therefore, individuals intending to establish such organizations may consider seeking professional advice, where necessary, with regard to the applicability of the Money Services Act.
Anti-Money Laundering Requirements
The unique characteristics and intended features of the Digital Assets can increase the levels of compliance risk and practical challenges. For example, the absence of any trusted central counterparty, heightened anonymity, and easy cross-border transfer without restriction breed special considerations.
To address such concerns, Cayman Islands authorities have adopted the principle of balance. Under this principle, it has been possible to incorporate digital assets into the existing legal framework without developing a special regime for them. This approach focuses on the specific activity and nature involved with digital assets to identify whether they have the potential to be used in an illegal manner.
Under the Proceeds of Crime Act, the Anti-Money Laundering Regulations and associated guidance notes (together referred to as the “AML Laws”), a body which is formed, registered or based in the Cayman Islands carrying on “relevant financial business” must comply with various requirements which are designed to prevent, detect and report money laundering and financing of terrorism.
The term “relevant financial business” is defined in the Proceeds of Crime Act, and includes the provision of virtual asset services bearing in mind that the definition is slightly different from that under the VASP Act.
While detailed consideration of the specifics of the AML Laws is beyond the scope of this chapter, entities falling within the regime would typically be required to:
- Appoint a named individual to the position of AML compliance officer, which should be approved by CIMA for VASPs, and such person shall ensure compliance with the Laws on AML, including dealing with the supervisory authorities.
- Appoint named individuals as the money laundering reporting officer and a deputy, setting up an internal reporting structure in the business.
- Put into place procedures that ensure proper identification of counterparties, risk-based monitoring, record-keeping, and thorough employee training.
CIMA has indeed issued guidance related to AML for VASPs and has imposed new regulatory requirements for intermediaries in respect of transfers of virtual assets. In practice, it is recommended that a business engages specialist third-party providers to ensure effective compliance.
Promotion and testing
Sandbox Licences
The VASP Act introduced sandbox licenses for providers of virtual asset services or other fintech services, making use of innovative technology or delivery methods. These licenses are flexible and may allow CIMA to apply additional requirements or specific exemptions relevant to the particular business.
Sandbox licenses are temporary and may last for a term period of one year. During this time, CIMA is expected to assess the most appropriate manner in which such businesses should be regulated in the future. This may include consideration about whether or not to introduce legislation in support of and to regulate such usage of the underlying innovations more effectively. Detailed eligibility criteria are not available at present.
Special Economic Zone
Added to this, the Government of the Cayman Islands actively promotes the Special Economic Zone for those looking to develop fintech-related products from the jurisdiction.
The SEZ represents the quickest path for a fintech company looking to establish a physical presence in the Cayman Islands. The benefits range from a smoother, quicker, and cheaper work permit processing, to exemptions of cases where local trade licenses and ownership are concerned, to being fully operational in four to six weeks, to office spaces.
With these advantages combined, added to the recently revised intellectual property laws of the jurisdiction, the SEZ has recently become quite popular in the fintech market. The amount of blockchain-oriented companies setting their base in the SEZ keeps growing.
Ownership and Licensing Requirements
Cayman Islands does not have any particular constraints or licensing obligations targeted precisely at owners holding or trading digital assets in their personal accounts.
As mentioned above, the VASP Law stipulates that any person falling within the definition of a VASP should be licensed or registered by CIMA, or exempted, or granted a sandbox license. It is important to note that other legislative frameworks may apply, such as the Mutual Funds Act and SIBA, addressed above in more detail.
Under the VASP Act, a VASP shall ensure that its beneficial owners obtain approval from CIMA as being fit and proper to exercise control or ownership. Unless the entity is a publicly traded company, no ownership interests or voting rights amounting to 10% or more may be voluntarily issued or transferred in a VASP unless it has been approved in advance by CIMA, with possible exceptions.
Mining
Currently, the Cayman Islands neither regulates nor prohibits digital-asset mining, and the VASP Act does not bring it within the scope of regulation or prohibition. It would be fair to note, however, that among the practical hindrances to establishing large-scale mining operations in the jurisdiction are import duties imposed on computing equipment and relatively high costs of electricity production. The above challenges may in the future to some extent be mitigated by the development and or accessibility of alternative sources of renewable energy and their reduced costs.
Reporting requirements
VASPs registered or licensed under the VASP Act shall be obliged to:
- Prepare audited accounts annually and file those audited accounts with CIMA.
- Obtain the prior approval from CIMA in respect of the appointment of senior officers or AML compliance officers.
- Give specific notices to CIMA of its compliance with AML Laws and Data Protection Laws, that all communications about the virtual asset service is accurate;
- Where there is a license or registration of the same business in another jurisdiction, an opening of an office or establishment of a physical presence in another jurisdiction, or holding/ acquiring a controlling interest in any other entity carrying on virtual asset service, it shall be informed to CIMA.
Further reporting and other requirements may apply, depending on the variety of virtual asset service provided. Where a payment or transfer is connected with the carrying on of a “relevant financial business” for the purposes of the AML Laws, any obligation to file reports or make filings in circumstances where suspicions of money laundering or otherwise criminal activity occur.
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Despite the relative ease of obtaining a cryptocurrency license in the Cayman Islands, there is an obvious need for regular and invaluable assistance from highly qualified lawyers. RUE Law Firm focuses on such services. With our assistance, you will be able to start your cryptocurrency business on a legal footing as soon as possible. Our specialists assess all factors, including legal risks, so you can make weighted decisions. Then, our team will promptly begin the crypto license obtainment process, providing broad support in all stages of passing the licensing procedure and increasing the chances of a successful application approval.
“If navigating Cayman Islands’ crypto regulations seems complex, I’m here to simplify the journey. With my extensive expertise, I’ll guide you through the intricacies, ensuring success for your project.”
FREQUENTLY ASKED QUESTIONS
Is crypto activity licensed in the Cayman Islands?
Yes, cryptocurrency activities are licensed in the Cayman Islands. The
Cayman Islands Financial Services Authority (CIMA) issues several types of licences for different types of crypto activities, including licences for crypto exchanges, crypto banks, crypto brokers and crypto funds. Requirements for obtaining a crypto licence include registration of a company in the Cayman Islands, a minimum paid-up share capital of $100,000, an office in the islands, appointment of a director responsible for regulatory compliance, and other conditions. The process of obtaining a licence can take from 3 to 6 months.
The Cayman Islands provides a variety of legal forms for company incorporation, including LLCs, joint stock companies and partnerships, each with its own characteristics and requirements. For example, LLCs offer a flexible management structure and a high degree of confidentiality, while joint stock companies are ideal for raising capital from investors through the ability to issue shares.
The Cayman Islands is also known as a leading centre for international investments and hedge funds due to its low taxes, flexible legislation and stable economic environment. It is estimated that over 75 per cent of the world's offshore hedge funds and around 50 per cent of the industry's assets are registered in the Cayman Islands.
As such, the Cayman Islands offer unique opportunities for cryptocurrency companies and investments, including a variety of legal forms and structures, as well as a progressive regulatory environment.
What is the process of obtaining a crypto license?
The process of obtaining a cryptocurrency licence in the Cayman Islands involves several steps and requirements:
- Registering a company in the Cayman Islands in one of the available legal forms such as a corporation, trust or partnership.
- Payment of a minimum authorised capital of US$100,000.
- Having an office within the islands and appointing a director responsible for regulatory compliance.
- Developing and providing a business plan, establishing anti-money laundering (AML) and counter-terrorist financing (CFT) systems.
- Payment of an annual licence fee of $4,000.
- Passing a CIMA inspection to ensure compliance with regulatory standards.
- Compliance with security and protection requirements for cryptoassets, proof of economic sustainability and absence of compromising information about the company and its executives.
The process of applying for and obtaining a licence can take from 3 to 6 months, depending on the readiness of the documents and the type of licence chosen.
These requirements and steps ensure that cryptocurrency companies operating in the Cayman Islands meet high standards of security, transparency and reliability. This supports the Cayman Islands' reputation as a reliable and attractive jurisdiction for cryptocurrency activity and investment.
Who is the regulator of crypto activity in the Cayman Islands?
The regulator of cryptocurrency activity in the Cayman Islands is the Cayman Islands Monetary Authority, CIMA. CIMA is responsible for licensing and regulating various types of crypto activities, including crypto exchanges, crypto banks, crypto brokers, and crypto funds. It sets and enforces requirements for cryptoasset transactions in order to protect consumers and maintain the stability of the Cayman Islands financial system.
How long does it take to obtain a crypto license in the Cayman Islands?
The process of obtaining a cryptocurrency license in the Cayman Islands usually takes between 3 and 6 months. The timeframe can vary depending on the specific type of licence, the readiness of the documents and how quickly the company can meet all the requirements of the regulator.
What are the requirements for company founders when obtaining a crypto license in the Cayman Islands?
When obtaining a crypto license in the Cayman Islands, company founders must meet a number of requirements:
- Legal form of the company: The company must be registered in the Cayman Islands in one of the available legal forms, such as LLC or joint stock company.
- International Security Standards: The legal entity is required to develop and implement AML/KYC policies to combat financial crime.
- Financial strength: A cryptocurrency licence in the Cayman Islands is only granted to financially sound companies that are able to organise reliable management of crypto assets.
- Business reputation: It is important to have a transparent business reputation with the company, its management and owners. The regulator may deny licence if there is compromising information.
- Submission of documents: A complete package of documents compliant with the law must be submitted.
- Officially registered office in the Caymans: Having a physical office within the islands is mandatory.
- Appointment of relevant officials: Having senior officers, trustees and beneficial owners appointed only with the approval of the regulator is mandatory.
These requirements ensure compliance with international standards of security and financial stability, maintaining the Cayman Islands' high reputation as a favourable jurisdiction for cryptocurrency activity.
Can foreigners get a crypto license in the Cayman Islands?
Foreigners can obtain a crypto license in the Cayman Islands. The process of obtaining a licence involves registering a company in the Cayman Islands in the form of a corporation, trust or partnership, which does not impose restrictions on the residency of the founders. In addition, Cayman Islands law provides for the creation of various company forms available to foreign investors, including ordinary resident and non-resident companies, exempted companies, limited liability partnerships and exempted limited partnerships.
Foreign investors are therefore able to register a company in the Cayman Islands and apply for a crypto licence, meeting the same requirements as locals. It is important to ensure that the company meets international security standards, including the development and implementation of AML/KYC policies, and demonstrates financial strength, as well as having a transparent business reputation.
How long is a crypto license valid in the Cayman Islands?
The process of obtaining a cryptocurrency licence generally involves several steps, including registering a company in the Cayman Islands, meeting minimum capital requirements, having a physical office in the islands and passing regulatory inspections by the Cayman Islands Financial Services Authority (CIMA). It is important that companies comply with current regulatory requirements, including annual fees and reporting standards, which implies that licences may require maintenance or periodic renewal to ensure compliance with the latest regulations.
It would be best to contact CIMA directly or legal professionals specialising in Cayman Islands regulatory compliance for details on the duration of a cryptocurrency licence and any renewal processes.
What is the amount of authorised capital for a crypto company in the Cayman Islands?
The Cayman Islands does not have strict minimum share capital requirements for the registration of a crypto company. The focus is on the company's compliance with regulatory requirements, including registration in a particular legal form, development and implementation of AML/KYC policies, financial strength, and transparency of the business and its management. This implies that the company must demonstrate a sufficient level of capitalisation to meet these criteria, but a specific minimum amount of share capital is not specified.
In addition, information found in another source emphasises that the Cayman Islands value the ability to conduct business with maximum confidentiality and minimal taxes, making the jurisdiction attractive to international business. The islands' legal system, based on English common law, and the absence of corporate tax create a favourable environment for registering and doing business.
For accurate information and compliance with all the requirements for crypto company registration in the Cayman Islands, it is advisable to contact qualified legal professionals or directly the regulator, the Cayman Islands Financial Services Authority (CIMA).
What are the benefits of obtaining a crypto license in the Cayman Islands?
Obtaining a crypto licence in the Cayman Islands offers companies a number of advantages:
- Strengthening business position: A licence makes a company a legal market participant, which strengthens the confidence of clients and investors. Compliance with AML/KYC standards and policies increases the regulator's confidence and reduces the risk of penalties or licence revocation.
- Global expansion: The licence provides access to the global cryptocurrency markets and makes it easier to attract international customers and investors, providing unique opportunities for business development. Companies can register in the Cayman Islands without residency restrictions, further incentivising global expansion.
- Privacy and Security: The Cayman Islands provides a high level of privacy for cryptocurrency businesses, allowing them to protect and store assets without the risk of exposure.
- Stable legal system: Local legislation aims to protect the interests of all crypto market participants, ensuring the development of business processes in a stable and predictable legal environment.
The process of obtaining a licence involves preparing and submitting an application that requires detailed information about the company's operations, including its business model, technology, products and services offered, and plans for regulatory compliance. The regulator will conduct an inspection of the company, after which a licence can be issued to allow for the legal operation of cryptocurrency activities in the Cayman Islands.
For further information and advice, it is worth contacting specialist legal and consulting organisations dealing with cryptocurrency licences in the Cayman Islands.
Does the Cayman Islands have measures in place to combat money-laundering and terrorist financing?
The Cayman Islands, like many other jurisdictions, has measures in place to combat money laundering (AML) and terrorist financing (CFT). These efforts are important to ensure the safety and stability of the international financial system. In particular, the history of anti-money laundering laws began in the United States in 1970 with the passage of the Bank Secrecy Act (BSA), which was strengthened by additional AML laws. The Financial Crimes Enforcement Network (FinCEN) is now the authorised administrator of the BSA with a mission to "protect the financial system from the misuse of financial crime, including terrorist financing, money laundering and other illegal activities".
The Financial Action Task Force (FATF), established in 1989, plays a key role in developing and promoting international standards to prevent money laundering. After the 11 September attacks, FATF expanded its mandate to include AML and combating terrorist financing. The International Monetary Fund (IMF) is also an important organisation in this area, seeking the stability of the international monetary system and concerned about the effects of money laundering and related crimes on the financial sector and the economy as a whole.
These international efforts emphasise the importance of combating money laundering and terrorist financing, highlighting the role of AML/CFT in preventing and combating financial crime on a global level. They also highlight the need for compliance with relevant regulations and monitoring to protect the brand, avoid fines and reduce associated costs.
Can a company with a Cayman Islands crypto license open a bank account?
Yes, a company with a crypto license in the Cayman Islands can open a bank account. In the process of obtaining a licence, it is possible to simultaneously deal with opening a corporate account, which involves analysing several banks and preparing the necessary documents. This is a key point for financial companies as access to banking services is important for their operations.
Additional services for Cayman Islands
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