Bell Rock Group, a leading and regulated financial services firm, to provide professional independent director services to VASPs

GRAND CAYMAN, CAYMAN ISLANDS, December 3, 2024 /EINPresswire.com/ -- Following consultations earlier this year, the Virtual Asset (Service Providers) (Amendment) Bill, 2024 (the Bill) has been gazetted and represents a major milestone in enhancing the Cayman Islands’ regulatory landscape for virtual assets service providers (VASPs).

In addition to the introduction of clearer definitions to align with global standards, the Bill seeks to achieve enhanced governance measures throughout the industry and provides the Cayman Islands Monetary Authority (CIMA) with greater powers of oversight.

All VASPs will be required to appoint three ‘fit and proper’ directors, including at least one independent director in order to strengthen oversight.

Bell Rock Group, a leading governance and financial services firm based and licensed by CIMA is providing professional independent director services to VASP’s. Bell Rock is already an adviser to VASPs, crypto funds, asset managers as well as decentralized autonomous organizations. Providing VASP independent director services is a natural step given that the team members have over 30 years of senior level financial service experience and well equipped to govern the new and ever increasing rules and regulations affecting VASPs by the regulator.

David Lloyd
Bell Rock Group
+1 345-949-4850
info@bellrockgroup.com
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