The Cayman Islands Monetary Authority (CIMA) issued a Notice on 2 May 2022 providing an update to the FAQs relating to the Virtual Asset Service Provider (VASP) registration process to assist industry with improving the completeness and quality of VASPs applications submitted to CIMA.
The updated FAQs include topics as listed below:
- What documents/fees are required to register a VASP pursuant to section 6 (1) of the VASP Act?
- What elements should be included in the business plan?
- When is a VASP registration/license application viewed as complete and ready for processing by CIMA?
- What information must be supplied, upon application for a registration/license on major shareholders (10% or above), directors and officers for VASP?
- What must be submitted to evidence the organization structure of a VASPs?
- What is the Travel Rule and how is it applicable to VASPs?
- When will Part XA of the AMLRs commence?
- How should VASPs initially report Travel Rule compliance to CIMA?
CIMA’s Notice can be found here.
The full list of VASP FAQs can be found here.