Carey Olsen advises BCXPro on the first Cayman Islands VASP licence
Carey Olsen has advised BCXPro on its application for, and successful grant of, a virtual asset service provider (VASP) licence under the Cayman Islands Virtual Asset (Service Providers) Act, as revised (the "VASP Act"). BCXPro's licence is the first VASP licence issued by the Cayman Islands Monetary Authority (CIMA).
The licensing framework under the VASP Act came into force on 1 April 2025. Carey Olsen assisted BCXPro to obtain conditional approval for a licence on 25 November 2025 with the issue of the VASP licence following on 5 February 2026.
The licence allows BCXPro, a liquidity provider, to provide virtual asset custody services and other virtual asset services through its Cayman Islands subsidiary, JMSC Trading Limited. The issue of the licence to BCXPro comes ahead of the inaugural Cayman Crypto Week, which will take place from 9 February 2026.
Richard Munden, a Cayman Islands partner in Carey Olsen's digital assets group led the team advising BCXPro and its adviser XReg Consulting with support from associate Simon Galante. Carey Olsen's digital assets group advises a broad range of crypto native clients including with respect to the Cayman Islands VASP regime.
Carey Olsen partner Richard Munden said “This milestone highlights both the evolution of Cayman’s regulatory framework for virtual assets and the increasing confidence of market participants in the jurisdiction. We are pleased to have supported BCXPro through the licensing process and to see it become the first entity licensed by CIMA under the VASP Act.”
Coupled with a robust regulatory framework, the Cayman Islands offers a range of corporate structuring options that align well with the digital assets sector. These factors have contributed to the development of a mature crypto and technology community in the jurisdiction, including founders, investors, service providers, and advisers.
