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Jan 13, 2025 | 
jdsupra.com | Sarah E. M. Howie |Wayne Flanagan |Róisín Liddy-Murphy
The Cayman Islands Monetary Authority (“CIMA”) has issued a new Rule and Statement of Guidance on the obligations for the provision of virtual asset services – Virtual Asset Custodians and Trading Platforms (the “Rule”).
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Jan 7, 2025 | 
jdsupra.com | Julie E. McLean |Róisín Liddy-Murphy
What were Conyers Cayman Islands clients reading in 2024? While there was lots to read about from a Cayman Islands perspective this past year, our most popular articles came from our Regulatory & Risk Advisory, Corporate, Insurance, and Litigation & Restructuring and practices.
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Dec 9, 2024 | 
jdsupra.com | Sarah E. M. Howie |Wayne Flanagan |Róisín Liddy-Murphy
Following consultations earlier this year, the Virtual Asset (Service Providers) (Amendment) Bill, 2024 (the Bill) has been gazetted and represents a major milestone in enhancing the Cayman Islands’ regulatory landscape for virtual assets service providers (VASPs).
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Dec 4, 2024 | 
jdsupra.com | Sarah E. M. Howie |Wayne Flanagan |Róisín Liddy-Murphy
The virtual asset “Travel Rule”, formally known as the “Financial Action Task Force (FATF) Recommendation 16”, requires Virtual Asset Service Providers (VASPs) to share and hold specific customer information with recipient institutions when performing transactions involving virtual assets. The Travel Rule is similar to the requirements imposed on traditional financial institutions in many jurisdictions when performing wire transfers in fiat currency.
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Nov 20, 2024 | 
jdsupra.com | Wayne Flanagan |Róisín Liddy-Murphy
As the war continues to rage on the Eastern front between Russia and Ukraine, the financial sanctions resulting from the initial invasions and ongoing conflict seem likely to continue to play a significant part in the global financial markets. However, financial sanctions related to Russia are not the only ones in force. As a British overseas territory, the Cayman Islands implements the international sanctions obligations of the United Kingdom (UK).
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Nov 6, 2024 | 
caymanfinance.ky | Róisín Liddy-Murphy
The evolution of the cryptocurrency landscape has led to the development and rapid adoption of stablecoins globally. A stablecoin, as the name suggests, is essentially a virtual asset that is designed to maintain a stable value and typically tracks the value of, or is ‘pegged’ to, another asset or commodity.
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Oct 23, 2024 | 
jdsupra.com | Sarah E. M. Howie |Wayne Flanagan |Róisín Liddy-Murphy
Welcome to the third Regulatory & Risk Advisory Review instalment of 2024. In this edition we cover the latest Cayman Islands regulatory updates including the Beneficial Ownership Transparency Act and The Perpetuities (Amendment) Act, as well as updates from CIMA, the DITC, and the FATF. As always, we have included articles and news from the wider Conyers team that may be of interest. 1.
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Oct 17, 2024 | 
jdsupra.com | Sarah E. M. Howie |Wayne Flanagan |Róisín Liddy-Murphy
The evolution of the cryptocurrency landscape has led to the development and rapid adoption of stablecoins globally. A stablecoin, as the name suggests, is essentially a virtual asset that is designed to maintain a stable value and typically tracks the value of (or is ‘pegged’ to) another asset or commodity.
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Oct 8, 2024 | 
lexology.com | Róisín Liddy-Murphy |Sarah Farquhar |Wayne Flanagan
The rapid evolution of the cryptocurrency landscape has led to the development and rapid adoption of stablecoins globally. A stablecoin, as the name suggests, is essentially a virtual asset that is designed to maintain a stable value and typically tracks the value of (or is ‘pegged’ to) another asset or commodity.
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Oct 3, 2024 | 
jdsupra.com | Sarah E. M. Howie |Wayne Flanagan |Róisín Liddy-Murphy
In recent years, the virtual asset industry has experienced exponential growth, bringing about innovations in digital payments, tokenisation and decentralised finance (Defi). While highly innovative, the volatile nature of the virtual asset industry has led to some notable high-profile failures globally, many of which have been either caused or severely exacerbated by deficient governance and internal control practices.
