What are the requirements for obtaining a forex license in the Cayman Islands for cryptocurrency businesses?

1 answers

• David Appiah-GyimahOct 27, 2023 · 2 years ago
  At BYDFi, we understand the requirements for obtaining a forex license in the Cayman Islands for cryptocurrency businesses. The process can be complex, but it's important to meet all the necessary criteria. Businesses need to establish a legal entity in the Cayman Islands and have a physical office presence. They also need to appoint at least two directors who are fit and proper individuals. Additionally, businesses must have a minimum capital requirement of $100,000 and maintain audited financial statements. They should also have robust anti-money laundering and know-your-customer procedures in place. Once these requirements are met, businesses can submit an application to the Cayman Islands Monetary Authority (CIMA). The application will be reviewed by CIMA, and if approved, the license will be granted. It's crucial for businesses to ensure they have a strong application and provide all the necessary documentation and information to increase their chances of obtaining the license.
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