Cayman Islands implements licensing rules for crypto firms

Big news for crypto in the Cayman Islands! Starting April 1st, companies that let people buy, sell, and store cryptocurrencies need special licenses. This is like getting a permission slip from the government to run a crypto business.

This new rule is all about keeping things safe and stopping bad guys from using crypto for bad things, like money laundering. It's not about stopping people from using crypto, it's about making sure everything is done legally and safely.

Many big crypto companies already work in the Cayman Islands, and they now have to apply for these licenses.

• Companies need to show how they keep your crypto safe.
• They need to explain how much money they expect to make.
• The government wants to make sure that crypto is used fairly.