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🇰🇾 Cayman Islands

Zero-tax offshore hub with a two-tier regime, light-touch registration for most VASPs, but full CIMA licensing now mandatory for custodians and trading platforms since April 2025

Crypto (CASP / VASP) E-money (EMI)
Last verified 2026-08-15 Next review 2026-08-29

Data verified: oldest cell 46 days ago (verified 2026-07-02). Individual cells show their own verification date below.

Capital requirement Capital requirement is included with access. Included with access Timeline to authorisation Timeline to authorisation is included with access. Included with access Application cost Application cost is included with access. Included with access Passporting Passporting is included with access. Included with access

Licence type

Two-tier regime under the Virtual Asset (Service Providers) Act (VASP Act, as amended). Phase 1 (in force since 2020): VASP Registration, required for virtual asset services generally that are not custody or trading-platform operation; AML/CFT-focused, lighter touch. Phase 2 (in force since 1 April 2025): VASP Licence, mandatory for entities operating a virtual asset custody service or a virtual asset trading platform; registration is no longer available for these two activity categories. A narrow waiver from registration/licensing is available for entities already licensed under another Cayman regulatory law.

Verified 6 weeks agoSource: Stuarts Law: https://www.stuartslaw.com/site/resources/publications_legal_updates/latest_news/vasp-phase-2-introduction-amendments ; CIMA: https://www.cima.ky/amendments-to-the-virtual-asset-service-providers-act-effective-1-april-2025

Regulator

Cayman Islands Monetary Authority (CIMA)

Verified 2 days agoSource: CIMA: https://www.cima.ky/virtual-asset-service-providers

Recent changes

Phase 2 licensing (custody and trading platforms) came into force 1 April 2025, with a 90-day transition deadline of 30 June 2025 for existing registrants to convert to a licence. CIMA updated the VASP application forms, Rule, and Statement of Guidance in December 2024 ahead of Phase 2. From 1 December 2025, CIMA introduced a new quarterly financial reporting requirement via the REEFS portal, layered on top of the existing annual audited accounts requirement. CIMA conducted a Thematic Desk-Based Review of 11 regulated VASPs (September 2024-February 2025), with findings published November 2025 and a further legal briefing in February 2026, identifying gaps in board composition, cybersecurity governance, staff training, and sanctions-screening practices. A Phase 3 is expected but not yet commenced as of mid-2026.

Verified 7 weeks agoSource: Loeb Smith: https://www.loebsmith.com/insight/cayman-islands-cimas-review-of-vasps/ ; CIMA: https://www.cima.ky/amendments-to-the-virtual-asset-service-providers-act-effective-1-april-2025

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Not legal advice. Entries marked placeholder or awaiting verification shouldn't be relied on. Verify with Cayman Islands's regulator and qualified local counsel before acting.