Cayman Islands' new cryptocurrency regulatory framework introduces new licensing regulations, effective April 1

PANews March 10th news, according to Bitcoin.com News, the Cayman Islands has updated its cryptocurrency regulatory framework and has formulated new licensing regulations, which will take effect from April 1, 2025. Under the Virtual Assets (Service Providers) (Amendment) Ordinance 2025, all entities that provide virtual asset custody and trading platform services are required to obtain a license issued by the Cayman Islands Financial Authority (CIMA). Existing Virtual Asset Service Providers (VASPs) must submit a license application within 90 days of the effective date. As part of the application process, crypto asset custodians must disclose the type and quantity of virtual assets they intend to hold for their clients, while trading platform operators are required to provide detailed information on the expected revenue and where they are located.