We are delighted to announce our Assistant Director Andrew Perkins most recent publication in the Law and Financial Markets Review entitled ‘Regulating virtual asset service providers in the offshore world: the Cayman Islands example.’
Mr Perkins Article seeks to firstly, outline the reasons why virtual asset service providers have embraced trading offshore. Secondly, evaluate the Cayman Islands legislative regime under the Virtual Asset Service Providers Act and its associated regulations to test compliance with international regulatory standards. Thirdly, consider the international focus that the Cayman Islands attracts on issues of global taxation and the prevention of money laundering, and evaluates how Cayman has approached the new challenges presented by cryptocurrencies whilst demonstrating compliance with international standards. This article reaches conclusions as to how offshore regulators and their legal frameworks are going to need to adapt and keep pace with the evolution of cryptocurrencies so that they can protect the integrity of their valuable financial services industries.
This Article is the result of a paper delivered at the Institute for Advanced Legal Studies’ 2022 conference on Cryptocurrencies, Smart Contracts, and Alternative Payments for which Andrew thanks the Portfolio Of Legal Affairs for their support in attending.
Mitchel Davies BEM, Truman Bodden Law School Director stated that ‘Andrew Perkin’s very topical recent article published in the December 2023 volume of Law and Financial Markets Review explores why virtual asset service providers have identified the offshore services centres as attractive jurisdictions in which to do business. In this context and in anticipation of the Cayman Islands having been removed from the FATF “grey list” in October 2023, Andrew explores how the Cayman Islands has responded to the new challenges represented by cryptocurrencies whilst continuing to be at the forefront of compliance with international standards. This article is further evidence showcasing in the international arena the important cutting-edge academic research and publication being conducted by Truman Bodden Law School academic staff.’