PANews reported on March 10 that, according to Bitcoin.com News, the Cayman Islands has updated its cryptocurrency regulatory framework and formulated new licensing requirements, which will take effect on April 1, 2025. Under the 2025 Virtual Asset (Service Providers) (Amendment) Regulations, all entities providing virtual asset custody and trading platform services must obtain a license issued by the Cayman Islands Monetary Authority (CIMA). Existing Virtual Asset Service Providers (VASPs) must submit a license application within 90 days after the effective date. As part of the application process, crypto asset custodians must disclose the types and quantities of virtual assets they intend to hold for clients, while trading platform operators need to provide details on their expected revenue and the physical location of their hardware.
