About the Regulatory Blog and our contributors
The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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Cayman Islands regulatory framework for Virtual Asset Service Providers: Registration and Licensing Guidelines
The Cayman Islands Monetary Authority (CIMA) released its regulatory policy establishing criteria for approving the registration or licensing of virtual asset service providers (VASPs) as per the Virtual Asset (Service Providers) Act (VASP Act). This policy has been published in the official gazette on 15 May 2024.
30 May 2024
Council of the EU adopts landmark AI Act: Setting global standards for AI regulation
On 21 May 2024, the European Council gave its final approval to the pioneering Artificial Intelligence Act, the first comprehensive AI regulation of its kind worldwide. This significant legislation aims to standardise AI rules across the EU, using a risk-based approach to ensure safety and trust in AI systems. The higher the potential harm to society, the stricter the regulations will be.
23 May 2024
EU AI Act: Paving the way for ground-breaking artificial intelligence regulations
On 11 May 2023, the European Parliament announced in a press release that the Internal Market Committee and the Civil Liberties Committee have adopted a draft negotiating mandate on the proposal for a regulation on harmonised rules on artificial intelligence. If approved, the AI Act would be the first regulation of artificial intelligence introduced in the world.
24 May 2023