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The Virtual Asset (Service Providers) Act, 2020 (
VASP
Act) came into effect on 31 October 2020 and provides a
framework for the regulation of virtual asset service providers
(
VASPS).
Cayman has been a particularly attractive jurisdiction for the
establishment of virtual asset service providers and, up until now,
service providers have operated within the existing regulatory
regime.
The new framework provides greater certainty, ensures compliance
with internationally recognised standards and provides an exchange
of information with the Cayman Islands Monetary Authority
(
CIMA) which will enable the regulator to stay
abreast of industry practice and support development.
By 31 January 2021, entities which are engaged in or wishing to
1. Review application documents submitted to the FSRC for licences to ensure compliance with the relevant legislation
- monitor financial services business in St. Kitts and Nevis
- supervise the business activities of any person licensed to carry on financial services business in St. Kitts and Nevis
- examine documents submitted to the Financial Services Regulatory Commission
4. Research, analyse and monitor economic, financial and technological developments that may affect the Financial Services Sector in St. Kitts-Nevis.
5. Assist the Director in the effective implementation of the Financial Services Regulatory Commission Act, CAP 21.10, the Anti-Money Laundering Regulations No. 46 of 2011, the Prevention of Terrorist Financing Regulations No. 47 of 2011, and the Financial Services (Implementation of Industry Standards) Regulations No. 51 of 2011.