VASP 2023 Annual Renewal Fees (2023-02-14)

Summary

This is a short industry notice from the Cayman Islands Monetary Authority (CIMA) addressed to all registered virtual asset service providers (VASPs) regarding their 2023 annual renewal fees.

• Fee amount: Per Schedule 2 of the Virtual Asset (Service Providers) Regulations 2020, the 2023 annual renewal fee for each VASP will be the same amount as the fee that was paid at the time of that VASP's original registration.
• Payment deadline: CIMA grants a one-time extension of the payment deadline to 15 March 2023.
• Penalties for non-payment: VASPs that fail to pay their annual renewal fee by this extended date will be subject to penalties for non-payment as set out in section 5(5) of the Virtual Assets (Service Providers) Act (2022 Revision).
• Contact: For further inquiries, CIMA provides the contact email vaspinfo@cima.ky.

Key obligations

• Registered VASPs must pay their 2023 annual renewal fee (equal to the amount paid at registration) by the extended deadline of 15 March 2023 to avoid penalties for non-payment under section 5(5) of the Virtual Assets (Service Providers) Act (2022 Revision).

Applies to

virtual asset service providers (VASPs)

Deadlines

• 15 March 2023: Extended deadline for payment of 2023 annual renewal fees by registered VASPs, after which non-payment penalties accrue under section 5(5) of the Virtual Assets (Service Providers) Act (2022 Revision).