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  4. CIMA announces 2024 annual renewal fees for Virtual Asset Service Providers

CIMA announces 2024 annual renewal fees for Virtual Asset Service Providers

28 Nov 2023
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On 17 November 2023, the Cayman Islands Monetary Authority (CIMA) published a general industry notice, informing all registered virtual assets service providers that their annual renewal fees for the year 2024 (as specified in Schedule 2 of the Virtual Asset (Service Providers) Regulations, 2020) will be the same as the fees paid during the initial registration.

The upcoming deadline for the payment of these renewal fees is 15 January 2024. Failure to meet this deadline may result in penalties for non-payment, as stipulated in section 5(5) of the Virtual Assets (Service Provider) Act (2022 Revision).

CIMA’s notice can be accessed here.

The Virtual Asset (Service Providers) Regulations, 2020 can be found here and the Virtual Assets (Service Providers) Act (2022 Revision) here.

Authors
Juan Pablo Urrutia
Partner | Funds & Regulatory | Cayman Islands