PANews reported on March 10 that according to Bitcoin.com News, the Cayman Islands has updated its cryptocurrency regulatory framework and formulated new licensing regulations, which will take effect on April 1, 2025. According to the Virtual Assets (Service Providers) (Amendment) Regulations 2025, all entities providing virtual asset custody and trading platform services need to obtain a license issued by the Cayman Islands Monetary Authority (CIMA). Existing virtual asset service providers (VASPs) must submit a license application within 90 days of the effective date. As part of the application process, crypto asset custodians must disclose the type and quantity of virtual assets they intend to hold for their clients, while trading platform operators need to provide detailed information on expected revenue and the location of their physical hardware.