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Managing blockchain: Gov't looking at regulations

Feb 08, 2019 Business

As blockchain companies continue to set up shop in Cayman Premier Hon. Alden McLaughlin says the government is hoping to create oversight for this emerging industry. At Thursday's (7 February) Cayman Alternative Investment Summit (CAIS 2019) at the Kimpton Premier McLaughlin said the Cayman Islands Monetary Authority is exploring the creation of a regulatory framework for Fintech related entities. "As we did with financial services, we intend to play a key role in helping develop the required regulatory framework needed for this growing sector – internally via a Cayman Islands Monetary Authority working group now looking at this and also via our memberships in organisations such as the Caribbean Financial Action Task Force," Premier McLaughlin said. Mr. McLaughlin said according to the online magazine International Investment Cayman-registered blockchain companies raised upwards of US $5.5 billion from initial coin offerings. Read the Premier's full speech here: Premier Hon. Alden McLaughlin's CAIS19 speech