# Virtual Asset Service Provider Licence (custody or trading platform services, Phase 2) (Cayman Islands)

Source page: https://protegra.io/licensing/licences/vasp/cayman-islands-licence/

The Virtual Asset Service Provider Licence (custody or trading platform services, Phase 2) is issued by Cayman Islands Monetary Authority (CIMA) under Virtual Asset (Service Providers) Act (2024 Revision). The application fee is KYD 5,000. Ownership changes need the regulator's approval before completion.

## At a glance

| Official name | Virtual Asset Service Provider Licence (custody or trading platform services, Phase 2) [1] |
| --- | --- |
| Issued by | [Cayman Islands Monetary Authority](https://protegra.io/licensing/regulators/cima-cayman/) |
| Jurisdiction | [Cayman Islands](https://protegra.io/licensing/jurisdictions/cayman-islands/) |
| Licence family | [Virtual asset service provider (non-MiCA)](https://protegra.io/licensing/licences/vasp/) |
| Legal basis | Virtual Asset (Service Providers) Act (2024 Revision) [2] |
| Passporting | Domestic only |
| Application fee | KYD 5,000 [3] |

## What it lets you do

- [Custody and administration of crypto-assets](https://protegra.io/licensing/activities/crypto-custody/)

- **Custody and administration of crypto-assets.** Safekeeping or controlling crypto-assets, or the means of access to them such as private keys, on behalf of clients.

## Where it is valid

_Valid in Cayman Islands._

## Cost

_Regulatory costs from the official sources above. Professional fees, staff, office and audit come on top and depend on the business model._

## Buying a company that already holds it

**Prior approval required.** Under s.28(1) of the VASP Act, CIMA's prior approval is required before any issue or voluntary transfer of shares/interests reaching 10% or more of a VASP; the acquirer must file a Personal Questionnaire and fitness documentation. Acting without approval is an offence, and CIMA may also take action against the licence. Other CIMA-regulated entities (banks, trust companies, mutual fund administrators, securities licensees) face a stricter 0% threshold: any transfer needs prior approval. [4]

Ready-made companies holding this licence: [see verified positions](https://protegra.io/companies/crypto-digital-assets/).

## Laws behind it

- [Virtual Asset (Service Providers) Act (2024 Revision)](https://protegra.io/licensing/laws/ky-virtual-asset-service-providers-act/): Law 14 of 2020 (2024 Revision)

## Sources

1. [cima.ky: vasp faq](https://www.cima.ky/vasp-faq): retrieved 2026-09-24
2. [cima.ky: VirtualAssetServiceProvidersAct2024Revision 1716397271 (PDF)](https://www.cima.ky/upimages/lawsregulations/VirtualAssetServiceProvidersAct2024Revision_1716397271.pdf): retrieved 2026-09-24
3. [kpmg.com: vasps](https://kpmg.com/ky/en/home/insights/2025/04/vasps.html): retrieved 2026-09-24
4. [maples.com: cima change of control process a guide for cayman islands re](https://maples.com/knowledge/cima-change-of-control-process-a-guide-for-cayman-islands-regulated-entities): retrieved 2026-09-24

Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.