If you’re a U.S. business that deals with cryptocurrencies on a frequent basis, you’re most likely familiar with the legal concepts “money service business” (MSB) and “money transmitter”. If not, you’re potentially opening yourself up for a world of hurt by not complying with federal and state anti-money laundering (AML) regulations.
The Cayman Islands’ recently passed cryptocurrency regulatory framework of 5 laws requires virtual asset service providers (VASP) like exchanges and ICOs to register for a VASP or sandbox license.