New legislative regime for virtual asset service providers

The Virtual Asset (Service Providers) Law, 2020 was gazetted on 25 May 2020 and will come into force upon issue of a commencement order in due course. The Law represents Cayman’s first legal framework for the registration, licensing and supervision of virtual asset service providers conducting business in the Cayman Islands.

Related briefings

Recognition and Assistance for PRC Insolvency in Hong Kong

Synopsis A recent case in Hong Kong, has demonstrated both the ability and willingness of common law courts to recognise insolvency appointments made by the courts of the People’s Republic of China (‘PRC’), and to grant appropriate assistance at common law. It is to be hoped that this proven track record will pave the way for easier recognition of common law court appointed liquidators in PRC, where, unlike in common law countries, such recognition is subject to the principle of reciprocity.

Cayman Islands Updated Economic Substance Guidance

Version 3.0 of the Cayman Islands guidance notes (“Guidance”) on the Cayman Islands’ economic substance legislation provides additional assistance in interpreting the International Tax Co-operation (Economic Substance) Law (the “ES Law”).

Latest Briefings

Coronavirus Update: Working From Home (again)

A government campaign was launched in early August to actively encourage employees to return to the workplace in an attempt to boost the wider economy and revitalise city centres that had been left empty after months of lockdown. However, within two months, the pandemic appears to have taken a turn for the worse and the government announced yesterday that once again people should work from home wherever possible.

Ukraine relaunches privatisation

September 2020 – Yesterday, 22 September, the President of Ukraine signed the Law which amends the Law of Ukraine “On privatisation of state and communal property” (the “Law”), introduces parliamentary control over the privatisation of state property and “unfreezes” the preparatory procedures to privatise large-scale state-owned objects. The Law was adopted by the Ukrainian parliament on 8 September 2020 and will become effective after its official publication.

Cyprus introduces film production incentives

Producers and media companies are invited to utilise the Cyprus landscape and infrastructure and enjoy a variety of legal, corporate and tax incentives for filming in Cyprus under the new Cyprus Filming Scheme.

Legal guide to pre-enforcement steps under Jersey and Guernsey law

The temporary Covid-19 protections offered by the UK government to businesses to prevent them from being subject to winding up petitions or wrongful trading actions are currently due to expire at the end of September (although an extension is very possible).

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