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| Dimension |
Pinned 🇰🇾 Cayman Islands partly open Verified 2026-08-15
|
🇯🇪 Jersey
partly open
Verified 2026-07-02
|
|---|---|---|
| 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. | Virtual Asset Service Provider (VASP) registration, not a bespoke prudential licence. Legal basis: the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, the Money Laundering (Jersey) Order 2008, and the JFSC's AML/CFT/CPF Handbook, implementing FATF VASP Guidance (effective from early 2023). This is fundamentally an AML/CFT registration, without a conduct-of-business or prudential capital regime. As of mid-2026, Jersey has not introduced a dedicated substantive VASP licensing framework with conduct/prudential requirements. |
| Regulator | Cayman Islands Monetary Authority (CIMA) | Jersey Financial Services Commission (JFSC). |
| Capital requirement | Cayman Islands capital requirement is included in the £349 pass. | Jersey capital requirement is included in the £349 pass. |
| Timeline to authorisation | Cayman Islands timeline to authorisation is included in the £349 pass. | Jersey timeline to authorisation is included in the £349 pass. |
| Local substance | Cayman Islands local substance is included in the £349 pass. | Jersey local substance is included in the £349 pass. |
| Application cost | Cayman Islands application cost is included in the £349 pass. | Jersey application cost is included in the £349 pass. |
| Ongoing cost | Cayman Islands ongoing cost is included in the £349 pass. | Jersey ongoing cost is included in the £349 pass. |
| Passporting | Cayman Islands passporting is included in the £349 pass. | Jersey passporting is included in the £349 pass. |
| MiCA CASPs approved | Cayman Islands mica casps approved is included in the £349 pass. | Jersey mica casps approved is included in the £349 pass. |
| Key restrictions | Cayman Islands key restrictions is included in the £349 pass. | Jersey key restrictions is included in the £349 pass. |
| 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. | JFSC proposed enhancements to the AML/CFT/CPF Handbook (consultation published June 2025), taking effect 1 January 2026, including new sector-specific guidance for VASPs/DNFBPs partly in response to MONEYVAL's 2024 evaluation of Jersey. Jersey is implementing the OECD Crypto-Asset Reporting Framework (CARF): consultation began November 2024, legislation expected 2025, first CARF reporting due 2027. A government consultation (July-Sept 2025) on repealing the Control of Borrowing (COBO) framework proposes replacement legislation for digital-asset-related structures with a 12-24 month transition. In 2024 Jersey launched its first real-world-asset tokenisation platform under JFSC guidance. |
| Difficulty rating | Cayman Islands difficulty rating is included in the £349 pass. | Jersey difficulty rating is included in the £349 pass. |
Informational only, not legal advice. A delta compares the sortable figure only (capital, timeline, cost, difficulty, passporting, approvals); it is not a judgement on overall suitability. Verify with qualified counsel before acting.
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