Imagine the Cayman Islands, a group of islands in the Caribbean. Many companies that deal with cryptocurrency have set up shop there because the rules are pretty relaxed. But things are changing!
New rules are coming to make sure these crypto companies are safe and follow the law. This means companies that keep people's cryptocurrency and those that let people buy and sell it will need special licenses.
Think of it like getting a permit to run a lemonade stand, but for crypto!
- Companies have until June 29, 2025, to apply for a license.
- The new rules start on April 1, 2025.
- Companies must explain how they keep cryptocurrency safe.
| Fact | Detail |
|---|---|
| New Rule Start Date | April 1, 2025 |
| Application Deadline | June 29, 2025 |
| Companies Affected | Cryptocurrency custodians and trading platforms |
