VFR-051-84 VASP Financial Quarterly Return Form - Completion Guide

Summary

This is a CIMA completion guide explaining how Virtual Asset Service Providers (VASPs) should fill out the VFR-051-84 VASP Financial Quarterly Return Form, which is submitted through CIMA's REEFS online portal. It walks through the three schedules of the form and also explains formatting conventions, how to reuse data from previous submissions via XBRL, and basic troubleshooting steps for portal errors.

• Schedule A: An attestation covering AML/KYC, regulatory violations, risk management, fair value measurement, cybersecurity, system downtime, liquidity/solvency, governance changes, business model changes, related-party transactions, legal proceedings, and post-reporting events.
• Schedule B: An income statement broken into revenue and expense line items.
• Schedule C: A balance sheet broken into current/non-current assets and liabilities and shareholders' equity.

The guidance applies to all entities licensed or registered as VASPs under the Virtual Asset (Service Providers) Act that are required to file the quarterly regulatory return with CIMA. It does not itself set the filing frequency or deadline, beyond referring to 'the timeframe prescribed by CIMA', but it does set formatting and disclosure standards for completing the return, including truthful attestation of any compliance breaches or discrepancies with a 'No' answer, and it directs entities to explain any 'No' response with remediation details.

This document is purely instructional/explanatory (a form-completion guide) rather than a standalone rule, so most of its content is descriptive of how to fill in fields rather than new substantive obligations. However, it does impose certain reporting conduct requirements, such as truthful attestation, USD reporting, and resident/non-resident segmentation, tied to the underlying VASP Act return requirement.

Key obligations

• VASPs must submit the VFR-051-84 Quarterly Return via REEFS within the timeframe prescribed by CIMA.
• All monetary values in the return must be expressed in United States Dollars using absolute values (no negative signs or currency symbols).
• Where instructed, amounts must be split between Resident and Non-Resident clients per Cayman reporting definitions.
• The Schedule A certification statements must be confirmed by an authorised representative of the VASP, who must respond truthfully and accurately to each declaration (Yes/No).
• Where a 'No' response is given to any Schedule A declaration, the respondent must provide an explanation for the exception and details of any remediation plans or mitigating factors.
• Entities must disclose to CIMA and other relevant stakeholders any actual or suspected AML/CFT breaches, regulatory violations, fraud, cybersecurity incidents, system outages, liquidity/solvency concerns, governance or ownership changes, material business model changes, related-party transactions, legal proceedings, and material post-reporting events, as covered by the respective Schedule A attestation items.

Applies to

Virtual Asset Service Providers (VASPs) licensed or registered under the Virtual Asset (Service Providers) Act

Deadlines

• within the timeframe prescribed by CIMA: Submission of the VFR-051-84 Quarterly Return via REEFS