Understanding Regulatory Trends: Digital Assets & Anti-Money Laundering | King & Spalding jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
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The Cayman Islands ability to regulate and attract persons
and entities that deal with virtual assets as a business is now
strengthened, with the commencement of legislation for virtual
asset service providers (VASPs).
In Cayman, a virtual asset is a digital representation of value
that can be electronically traded and used for investment purposes.
A common type of virtual asset is a cryptocurrency. The VASPs
legislation allows for the supervision of persons and entities who
are involved in providing business services that use or rely on
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Whilst the pandemic has continued to present major challenges
for the business world, Fintech has gained tremendous momentum and
indeed become essential for many financial institutions and
companies in this new era. The Hong Kong Fintech Week 2020
was held as a fully virtual event during 2-6 November 2020 and saw
a range of topics being explored, including development of central
bank digital currencies, virtual asset regulations, virtual banking
and related Fintech applications. Most offshore jurisdictions
have already seen significant developments in the laws and
regulations in these areas, particularly as the pace of