In a major regulatory milestone, Crypto.com, a Singapore-based cryptocurrency exchange, has received conditional approval for its Virtual Asset Service Provider (VASP) license from the Cayman Islands Monetary Authority (CIMA).
This achievement is a testament to the company’s unwavering commitment to compliance and its proactive approach to navigating the complex regulatory space. As Crypto.com looks to build on this momentum, the approval is expected to pave the way for further growth and innovation in the region. This development also solidifies the crypto exchange’s position as a leader in the digital asset space.
Crypto.com Expands Horizons
As officially announced by Crypto.com, the exchange has achieved a significant milestone by becoming the first digital asset firm to receive conditional authorization to operate as a Virtual Asset Service Provider (VASP) in the Cayman Islands. The company revealed earlier today that the Cayman Islands Monetary Authority (CIMA), a regulatory body, provided the conditional approval.
Notably, this approval builds on Crypto.com’s existing relationship with CIMA, having previously secured its VASP registration from the authority in August 2022. The conditional approval marks a significant step forward in the exchange’s expansion plans, enabling the company to further establish itself as a trusted player in the digital asset industry. Kris Marszalek, Co-Founder and CEO of Crypto.com, noted,
“Crypto.com has built our foundation for growth and success on regulation and compliance. We are tremendously proud to be our industry’s leader in licenses and registrations, and to now be the first digital asset firm to receive this approval in the Cayman Islands. We look forward to continuing to build on our service offerings in line with market regulations.”
With this development, Crypto.com is well-positioned to leverage the opportunities presented by the Cayman Islands’ growing crypto ecosystem, while adhering to the highest standards of regulatory compliance and transparency. Following the submission of all necessary documents, the exchange is confident that it will receive full authorization and license from the CIMA in the near future.
In 2022, the company received approval as a registered VASP in the region, enabling the company to provide a suite of products and services that meet local regulatory standards. During that time, CEO Marszalek saw this regulatory approval as an example of “Crypto.com’s commitment to compliance” and its “constructive approach to regulator engagement.” He added, “We look forward to expanding our suite of offerings and services available, and continuing to work with stakeholders across sectors on advancing blockchain technology.”
Cayman Islands Implement OECS Crypto Tax Reporting Framework
Crypto.com’s latest development in the Cayman Islands aligns with the region’s growing efforts to foster its digital asset space. The region has made notable strides in 2025, transforming into a global hub for Web3 businesses. After five years of discussions among government officials and tech entrepreneurs about the islands’ potential, the vision finally becomes a reality.
The foundation of the Cayman Islands’ regulatory framework is the VASP Act, enacted in 2020 to comply with the Financial Action Task Force’s anti-money laundering requirements. Following amendments in 2024, which took effect in April 2025, the jurisdiction has further solidified its position as a leader in the Web3 space.
Reportedly, Cayman has become one of the first jurisdictions to comply with the Organization for Economic Co-operation and Development’s (OECD) new cryptocurrency tax reporting regulations. At the onset of 2026, the islands implemented the rules, ensuring greater transparency and compliance in the region.
