Comment on New rules rolled out to regulate crypto assets by Anonymous

(CNS): Phase 2 of the new regulatory framework for virtual asset services such as crypto-currencies in the Cayman Islands came into effect this week with the implementation of several new pieces of legislation. These important technical amendments and new rules are being phased in to give impacted stakeholders time to become compliant with the prudential measures that bring the jurisdiction in line with global regulatory standards.
Phase 1 introduced a registration requirement that focused on anti-money laundering and countering the financing of terrorism (AML/CFT) measures. Phase 2 introduces a licensing regime for trading platform operators and virtual asset custodians that focuses on introducing prudential measures for the provision of those services. A third phase will address the remaining elements of the regulatory framework.
The amended acts and regulations give the Cayman Islands Monetary Authority, the local regulator for virtual assets, more power to supervise virtual asset services and provide greater clarity for the sector in the jurisdiction.
The changes include the roll out of the following laws and regulations:
Virtual Asset (Service Providers) (Amendment) Act, 2024 (Commencement Order), 2025;
Virtual Asset (Service Providers) Act, 2020 (Commencement Order), 2025; and
Virtual Asset (Service Providers) (Amendment) Regulations, 2025.