The Cayman Islands Monetary Authority's (CIMA) 'Digital Assets Working Group' and the Financial Services Legislative Committee’s FinTech Subcommittee had earlier come to mutual agreement that it was important for the country to embrace financial technologies (FinTech), such as crypto assets. Appreciating the complex and impacting nature of FinTech, the Minister of Financial Services of the Ministry of Financial Services and Home Affairs of the Caymans Island Government announced the intent to use a regulatory sandbox type of approach towards helping regulators understand new FinTech innovation and regulate appropriately and fairly.
'The Ministry recommended and the Government has agreed that an adaptable, technology-neutral, regulatory sandbox-type framework is the best approach for our jurisdiction.'
Legislative Assembly Statement
Minister of Financial Services, the Hon. Tara Rivers, JP, MLA
Update on Financial Services – Introducing A Digital Assets Framework