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MinistryFinancialServices / Virtual-Asset-Amendment-Consultation

A consultation for revisions to the Virtual Asset (Service Provider) Act
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[Comment]: Some general observations #41

Open AcrobaticPensioner opened 6 months ago

AcrobaticPensioner commented 6 months ago

Comment

  1. I am impressed that CIG have utilized such a novel and progressive approach to a legislative amendment consultation.
  2. Considering the growing numbers of virtual assets and blockchain companies domiciled with the jurisdiction, I had assumed higher levels of participation. Engagement will hopefully increase if CIG continue to use Github for consultation in the future.
  3. The current revision of the VASP Act contains no additional Police powers which would enable constables to obtain material, ask questions or clarify information without making a lengthy application through the court system. As the Cayman Islands courts are already very busy, the addition of a new summary power or ability to issue a notice (mirroring the FCA's s4(2)(c) POCA notices) may be appropriate.
  4. Notably, the Cayman Islands was one of the first jurisdictions in the world to introduce virtual assets legislation. We have, by our actions, encouraged the global virtual assets industry to base themselves here. Companies ought to be incentivised to provide services to residents here. Might CIG use the VASP act or any accompanying guidance to provide clarity to the financial sector that there is nothing unlawful about Cayman Islands using or investing in virtual assets.
FinalTwist commented 6 months ago

Are you suggesting bringing in a provision which exists in the UK's POCA Act under number 3? Wouldn't this be better done in Cayman's POCA Act instead of the VASP Act?

Regarding point 4... there is a suggestion in the discussion forum... what do you think of it? see https://github.com/MinistryFinancialServices/Virtual-Asset-Amendment-Consultation/discussions/36