🇰🇾 The Cayman Islands has updated its cryptocurrency regulatory framework with new licensing rules set to take effect on April 1, 2025! 📅 Under the Virtual Asset (Service Providers) (Amendment) Regulations, 2025, all entities offering virtual asset custody and trading platform services will need a license from the Cayman Islands Monetary Authority (CIMA). Existing virtual asset service providers (VASPs) must submit their license applications within 90 days of the effective date. ⏳ As part of the application process, crypto custodians must disclose the types and amounts of virtual assets they intend to hold for clients, while trading platform operators need to provide details on expected revenue and the location of their physical hardware.