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Topic: virtual assets
Cayman’s regulatory framework for service providers in the virtual asset space entered into force on 31 Oct. with the first of two phases.
Virtual assets have experienced an explosion in growth, in part due to the meteoric rise of initial coin offerings (ICOs) in 2017. While only small number have succeeded to become longer term prospects, many are trickling down onto the client books of liquidators.
Planned changes to the Companies Law will introduce a new restructuring officer regime.
Lawmakers this week passed a package of five bills to regulate virtual asset service providers. The Virtual Asset Service Provider Law, the central piece of legislation in the regulatory framework, demands that digital asset businesses must be registered with the Cayman Islands Monetary Authority.