The government of the Cayman Islands announced that they are working on the development of a regulatory framework in order to attract people to the cryptocurrency market.
As they indicated, this set of laws seeks to provide suppliers “with the necessary legislation to be able to operate within the territory.”
The Cayman Islands Ministry of Financial Services promulgated an initial set of rules that went into effect on October 28.
The next phase consists of a new group of laws, which would take effect as of next year in order to include additional requirements related to licensing and supervision of operations.
According to the Ministry, with all these new provisions the ability to attract entities or individuals that offer cryptocurrency services that will now have an interest in establishing a base in this territory will be “strengthened”.
Source: The Paypers