RYKI and BCXPro are the two latest firms to announce they’ve been granted a licence from the Cayman Islands Monetary Authority.
RYKI, a cryptocurrency broker and custodian, was granted a conditional licence on 25 Dec. 2025, while BCXPro, which offers similar services, received its full VASP licence on 5 Feb. BCXPro was awarded the licence under its registered subsidiary, JMSC Trading Limited.
The issuing of licences marks a steady progression in Cayman’s regulation of digital asset businesses. The first phase involved registration and there are now 19 Virtual Asset Service Providers registered with the Cayman Islands Monetary Authority. During phase 2, firms that provide virtual asset custody services or operate trading platforms will be required to be licensed by the monetary authority, and, in recent months, those licences have begun to be awarded.
The benefits of a licence
“When the VASP Act was passed in 2020, few jurisdictions had that level of clarity. That was extremely attractive for us,” said Lennon Sweeting, managing director of RYKI. “In Canada and the United States, it did not exist at the time, nor in most major financial markets. Cayman is a significant financial centre and the government and CIMA have been at the leading edge of digital-asset regulation.”
RYKI works as a broker for individuals or companies that want to buy or sell cryptocurrency. Since being founded in 2020, RYKI has executed US$1 billion worth of trades. It also holds clients’ digital assets in a crypto wallet. Unlike some of the other firms that have been granted VASP licences, for example Crypto.com, RYKI does most of its business in the Cayman Islands.
“It became clear to us that there was a gap in the Cayman market,” said Sweeting. “RYKI was intentionally set up to service Cayman. We are not a global firm with a Cayman registration – we pursued registration and licensing specifically to operate locally.”
Licensing takes time and costs money but Sweeting believes it adds credibility to his business. “When it comes time to transact on chain, whether you’re executing a trade or storing your assets, you want to know you’re working with a vetted, regulatory friendly business. Funds, institutions and foundations can now custody assets with a licenced local institution rather than relying solely on overseas providers. That puts us in a strong position locally and internationally,” he said.
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