Jurisdictions/Cayman Islands/VASP Registration
馃嚢馃嚲Cayman IslandsCayman Islands Monetary Authority (CIMA)

VASP Registration

Initial registration for virtual asset service providers conducting advisory, transfer, or non-custodial services.

Virtual Asset (Service Providers) Act 2020

Capital Required

No statutory minimum for registration

Timeline

3-6 months

Fees

KYD 1,000-5,000 application + KYD 1,500-15,000 annual

Regulatory Body

Cayman Islands Monetary Authority (CIMA)

Legislative Framework

Virtual Asset (Service Providers) Act 2020 (as amended 2024), Securities Investment Business Law, Mutual Funds Act

Last updated: June 2025

Key Requirements

1

Beneficial ownership and governance structure documentation with identification of persons exceeding 25% ownership

2

AML/CFT procedures compliant with Cayman Islands' Anti-Money Laundering Regulations with due diligence

3

Fit-and-proper declarations for board members and senior management with financial services background checks

4

Basic cybersecurity and data protection policies covering customer data handling and incident response

5

Clear terms of service and customer communication procedures for advisory and transfer services

6

Designated compliance officer responsible for regulatory compliance and customer complaint handling

7

Record-keeping policies for customer files and transaction documentation maintained 5 years minimum

8

Initial AML/CFT risk assessment submitted to CIMA identifying customer segments and service risks

Application Process

1

Prepare VASP registration application with detailed business description and services provided

2

Submit organizational structure and beneficial ownership information with fit-and-proper declarations

3

Provide basic AML/CFT procedures, terms of service, and compliance officer appointment documentation

4

CIMA initial review for application completeness and preliminary compliance assessment

5

Submit final compliance documentation and AML/CFT risk assessment if requested by CIMA

6

CIMA registration approval and issuance of registration notice confirming VASP status

Expected Total Timeline

3-6 months

Ongoing Obligations

After obtaining your VASP Registration, these are the continuing compliance requirements you must maintain.

Annual compliance certifications confirming adherence to AML/CFT procedures and sanctions screening

Annual fit-and-proper assessments for board members and senior management with change notification

Quarterly suspicious activity reporting of transactions meeting AML/CFT red flags

Maintenance of customer files and transaction records 5 years minimum with CIMA audit capability

Immediate notification to CIMA within 5 days of material compliance breaches or cyber incidents

Quarterly AML/CFT risk assessment updates reflecting business model, customers, or service changes

Cost Summary

Capital Requirement

No statutory minimum for registration

Application & Licensing Fees

KYD 1,000-5,000 application + KYD 1,500-15,000 annual

Jurisdiction Setup Cost

$40,000-$120,000

Annual: $30,000-$80,000

Need help with VASP Registration?

Our team manages the full Cayman Islands licensing process -from application preparation through post-approval implementation.

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