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
Beneficial ownership and governance structure documentation with identification of persons exceeding 25% ownership
AML/CFT procedures compliant with Cayman Islands' Anti-Money Laundering Regulations with due diligence
Fit-and-proper declarations for board members and senior management with financial services background checks
Basic cybersecurity and data protection policies covering customer data handling and incident response
Clear terms of service and customer communication procedures for advisory and transfer services
Designated compliance officer responsible for regulatory compliance and customer complaint handling
Record-keeping policies for customer files and transaction documentation maintained 5 years minimum
Initial AML/CFT risk assessment submitted to CIMA identifying customer segments and service risks
Application Process
Prepare VASP registration application with detailed business description and services provided
Submit organizational structure and beneficial ownership information with fit-and-proper declarations
Provide basic AML/CFT procedures, terms of service, and compliance officer appointment documentation
CIMA initial review for application completeness and preliminary compliance assessment
Submit final compliance documentation and AML/CFT risk assessment if requested by CIMA
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
Other Cayman Islands Licenses
Explore other license types available in Cayman Islands.
VASP License -Custody & Trading
Securities Investment Business License
Mutual Fund License
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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