The legislative assembly of the Cayman Islands has <a href="https://www.mfs.ky/news/government-proposes-framework-for-virtual-asset-service-providers/" target="_blank" rel="noopener">reviewed</a> the five new pieces of legislation, on April 28, that would be governing the crypto businesses which especially includes crypto exchanges.

The Virtual Asset Service Provider (VASP) Bill would formulate definition and registration requirements for crypto exchanges, crypto custodians and decentralized financial operators.
<h2>Five Other Bills Amended</h2>
Along with this bill, the legislative assembly of the Cayman Islands has amended some other prevailing parts of financial legislation for securities and stock exchanges.

The new bill formulated by the legislative assembly would basically supervise the entities that are facilitating virtual asset activities as their businesses.

The VASP Bill involved the sandbox license which would grant anti-money laundering requirements to those companies that are working on risk involved technologies. The sandbox license would also help the companies to register themselves for one-year licenses so that that they could test their models.

In a public statement, the legislative assembly describes the newly proposed system as a flexible foundation and further stated that it would help them promote the new technologies and creative business.
<h2>Binance’s Headquarter In Cayman Island</h2>
The statement by the Cayman Islands’ legislative assembly further explains, “The proposed framework incorporates relevant anti-money laundering, countering the financing of terrorism and counter-proliferation financing (AML/CFT/CPF) recommendations adopted in 2019 by the Financial Action Task Force (FATF)”.

According to the report, the Cayman Islands is very generous towards the business registrations and that is the reason the European Union had blacklisted for a tax haven.

However, the Cayman Islands is among those countries that are potential home for migration registration of Binance.

The report has mentioned that the legislative assembly has initially reviewed the legislation, it would schedule a meeting again for further discussion on the matter.

The Cayman Islands will have to make changes in its current system so that it could comply with the new travel rule of the Financial Action Task Force (FATF).

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Cayman Islands’ Legislative Assembly Gazettes VASP

The legislative assembly of the Cayman Islands has reviewed the five new pieces of legislation that would be governing the crypto businesses.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Cayman Islands’ Legislative Assembly Gazettes VASP

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