By Staff Writer
The Cayman Islands crypto regulations have been proposed to be set up along the guiding principles prescribed by the FATF.
The fiscal authorities have begun work to draft Cayman Islands crypto regulations to bring about legislative changes in the rising sector as per the guidance given by Financial Action Task Force (FATF).
Called ‘Virtual Asset Service Provider Bill,’ the legislation is aimed to bring about much-needed reforms in the realm. The proposed legislation will help crypto businesses with registration, operating procedures, and compliance concerns. FATF guidelines have been used by several nations to bring about clarity in their crypto sector.
The monetary authority would assess every entity and scrutinize them as per the compliance standards. Some common criteria would include skilled talent in the company, adequate capital, appropriate security protocols, and well-built accounting measures. This will weed out the nefarious elements operating out of the Caribbean country.