Readiness申请准备清单Readiness Checklist
申请前应先确认Before Filing
- VASP 申请人通常应为开曼实体，并向 CIMA 说明业务模式、虚拟资产服务类型、客户类型、托管安排、治理架构和实质运营。
- CIMA 2025 年 Phase Two 口径要求 licensable VASP 关注董事会治理；相关修订引入至少三名董事等增强治理要求。
- 申请材料通常需包括独立法律意见、业务计划、AML/CFT 文件、网络安全、业务连续性、关键人员资料和 REEFS 表格。
- A VASP applicant should usually be a Cayman entity and explain its business model, virtual asset service type, client type, custody arrangements, governance and operating substance to CIMA.
- CIMA's 2025 Phase Two approach focuses on board governance for licensable VASPs, including enhanced governance requirements such as at least three directors.
- Application materials usually include an independent legal opinion, business plan, AML/CFT documents, cybersecurity, business continuity, key personnel information and REEFS forms.
监管重点Regulatory Focus
- VASP 必须建立 AML/CFT/CPF、制裁筛查、客户尽调、交易监控、可疑交易报告、Travel Rule 和记录保存框架。
- 托管和交易平台需重点准备客户资产隔离、私钥/钱包控制、网络安全、业务连续性、第三方服务商管理、市场诚信和客户披露。
- 基金需维护发行文件、投资者准入、估值、审计、年度申报、AML/KYC、经济实质（如适用）和服务商治理。
- VASPs must establish AML/CFT/CPF, sanctions screening, customer due diligence, transaction monitoring, suspicious activity reporting, Travel Rule and record retention frameworks.
- Custody and trading platform applicants should focus on client asset segregation, private key/wallet controls, cybersecurity, business continuity, third-party service provider management, market integrity and client disclosures.
- Funds need offering documents, investor onboarding, valuation, audit, annual filings, AML/KYC, economic substance where applicable and service provider governance.
交付材料Delivery Workstream
- 设计开曼控股、基金、token issuer、运营实体和香港/迪拜牌照之间的跨境架构。
- 协调开曼律师、注册代理、基金行政管理人、审计师、银行和 AML 服务商。
- 准备业务模式备忘录、VASP perimeter memo、基金结构图、发行文件审阅清单和监管申请资料。
- 支持 REEFS 申请、CIMA 问询、AML/CFT 政策、Travel Rule、网络安全和业务连续性文件。
- Design Cayman holding, fund, token issuer, operating entity and Hong Kong/Dubai licence structures.
- Coordinate Cayman counsel, registered agents, fund administrators, auditors, banks and AML service providers.
- Prepare business model memoranda, VASP perimeter memos, fund structure charts, offering document review checklists and regulatory application materials.
- Support REEFS filings, CIMA questions, AML/CFT policies, Travel Rule, cybersecurity and business continuity documents.
监管机构与法律依据Regulator & Statutory Basis
- 监管机构：开曼群岛金融管理局（CIMA）。
- VASP 主要依据《虚拟资产（服务提供商）法》（Virtual Asset (Service Providers) Act, 2024 Revision）及 2025 年修订；自 2025 年 4 月 1 日起，虚拟资产托管服务和虚拟资产交易平台服务需取得 VASP licence。
- 其他虚拟资产服务通常仍需 VASP registration（除非适用 waiver 或其他受监管实体安排）。
- 基金路径主要涉及《私募基金法》（Private Funds Act）和《共同基金法》（Mutual Funds Act），并与基金管理人、投资顾问、VASP、托管及发行结构衔接。
- Regulator: Cayman Islands Monetary Authority (CIMA).
- VASP is primarily regulated under the Virtual Asset (Service Providers) Act (2024 Revision) and 2025 amendments. From 1 April 2025, virtual asset custody services and virtual asset trading platform services require a VASP licence.
- Other virtual asset services generally still require VASP registration unless a waiver or other regulated-entity arrangement applies.
- Fund routes mainly involve the Private Funds Act and Mutual Funds Act, and connect with fund managers, advisers, VASPs, custody and issuance structures.
CIMA 开曼群岛金融管理局（Cayman Islands Monetary Authority, CIMA）；《虚拟资产（服务提供商）法》（Virtual Asset (Service Providers) Act, 2024 Revision）及 2025 年修订；《私募基金法》（Private Funds Act）与《共同基金法》（Mutual Funds Act）CIMA; Virtual Asset (Service Providers) Act (2024 Revision) and 2025 amendments; Private Funds Act; Mutual Funds Act
适用业务范围Permitted Activities
- VASP licence：虚拟资产托管服务、虚拟资产交易平台运营等 CIMA 规定的 licensable activities。
- VASP registration：不落入 licensable custody / trading platform 的其他虚拟资产服务，仍需按 VASP Act 进行注册或确认豁免路径。
- Private Funds：私募基金、SPC、ELP、主从基金、并行基金等离岸基金结构，用于 VC/PE、对冲基金、RWA、数字资产基金或家族办公室。
- Mutual Funds：面向更广泛投资者的共同基金结构，需按基金类型满足 CIMA 注册、审计、行政管理和持续申报要求。
- 开曼实体常作为 token issuer、基金载体、控股公司或 IP/协议实体，与香港 SFC、迪拜 VARA/DFSA/ADGM、欧盟或新加坡运营实体配套。
- VASP licence: virtual asset custody services, virtual asset trading platform operation and other licensable activities specified by CIMA.
- VASP registration: other virtual asset services outside licensable custody or trading platform activity still require registration under the VASP Act or confirmation of an exemption route.
- Private Funds: private funds, SPCs, ELPs, master-feeder funds and parallel fund structures for VC/PE, hedge funds, RWA, digital asset funds or family offices.
- Mutual Funds: funds offered to a broader investor base, with CIMA registration, audit, administration and ongoing reporting requirements depending on fund type.
- Cayman entities are often used as token issuers, fund vehicles, holding companies or IP/protocol entities alongside Hong Kong SFC, Dubai VARA/DFSA/ADGM, EU or Singapore operating entities.
申请人资格Applicant Eligibility
- VASP 申请人通常应为开曼实体，并向 CIMA 说明业务模式、虚拟资产服务类型、客户类型、托管安排、治理架构和实质运营。
- CIMA 2025 年 Phase Two 口径要求 licensable VASP 关注董事会治理；相关修订引入至少三名董事等增强治理要求。
- 申请材料通常需包括独立法律意见、业务计划、AML/CFT 文件、网络安全、业务连续性、关键人员资料和 REEFS 表格。
- 基金申请需明确基金类型、投资策略、投资者资格、管理人/顾问、托管、估值、审计、行政管理和发行文件。
- A VASP applicant should usually be a Cayman entity and explain its business model, virtual asset service type, client type, custody arrangements, governance and operating substance to CIMA.
- CIMA's 2025 Phase Two approach focuses on board governance for licensable VASPs, including enhanced governance requirements such as at least three directors.
- Application materials usually include an independent legal opinion, business plan, AML/CFT documents, cybersecurity, business continuity, key personnel information and REEFS forms.
- Fund applications need to specify fund type, investment strategy, investor eligibility, manager/adviser, custody, valuation, audit, administration and offering documents.
资本要求Capital Requirements
- VASP Act 下没有适用于所有申请人的单一公开最低资本数字；CIMA 会按业务规模、客户资产、托管风险、交易平台风险和运营复杂度评估资本、财务资源及网络安全措施。
- 2025 年 Phase Two 引入增强审慎要求，托管服务和交易平台需重点证明资本充足、治理、风控、客户资产保护和运营韧性。
- 基金结构的资本/认购规模取决于基金类型、投资者承诺、基金文件及服务商要求；应与银行、行政管理人和审计安排同步确认。
- The VASP Act does not impose a single public minimum capital amount for all applicants. CIMA assesses capital, financial resources and cybersecurity measures by business scale, client assets, custody risk, trading platform risk and operational complexity.
- The 2025 Phase Two regime introduces enhanced prudential expectations. Custody services and trading platforms must focus on capital adequacy, governance, risk control, client asset protection and operational resilience.
- Fund structure capital or subscription size depends on fund type, investor commitments, fund documents and service provider requirements, and should be confirmed with banks, administrators and auditors.
关键合规要求Key Compliance Obligations
- VASP 必须建立 AML/CFT/CPF、制裁筛查、客户尽调、交易监控、可疑交易报告、Travel Rule 和记录保存框架。
- 托管和交易平台需重点准备客户资产隔离、私钥/钱包控制、网络安全、业务连续性、第三方服务商管理、市场诚信和客户披露。
- 基金需维护发行文件、投资者准入、估值、审计、年度申报、AML/KYC、经济实质（如适用）和服务商治理。
- CIMA 可进行 off-site / on-site AML/CFT supervision，申请人应在获批前建立可审计的政策、流程和证据包。
- VASPs must establish AML/CFT/CPF, sanctions screening, customer due diligence, transaction monitoring, suspicious activity reporting, Travel Rule and record retention frameworks.
- Custody and trading platform applicants should focus on client asset segregation, private key/wallet controls, cybersecurity, business continuity, third-party service provider management, market integrity and client disclosures.
- Funds need offering documents, investor onboarding, valuation, audit, annual filings, AML/KYC, economic substance where applicable and service provider governance.
- CIMA may conduct off-site or on-site AML/CFT supervision. Applicants should have auditable policies, procedures and evidence packs before approval.
时间表Timeline
- 开曼实体、基金/控股结构搭建：通常 2 - 6 周，取决于 KYC、服务商、投资者文件和银行要求。
- Private Fund / Mutual Fund 注册：通常 3 - 8 周，视基金文件、审计、行政管理人及 CIMA 问询而定。
- VASP registration / licence：通常 4 - 8 个月或更长；custody / trading platform licence 因 Phase Two 审查更深，时间取决于治理、资本、系统、AML/CFT 和监管答询。
- Cayman entity, fund or holding structure setup: usually 2-6 weeks depending on KYC, service providers, investor documents and bank requirements.
- Private Fund or Mutual Fund registration: usually 3-8 weeks depending on fund documents, audit, administrator and CIMA questions.
- VASP registration or licence: usually 4-8 months or longer. Custody or trading platform licensing involves deeper Phase Two review, depending on governance, capital, systems, AML/CFT and regulatory questions.
政府收费Government Fees
- VASP registration / licence 申请费和获批费用按 Virtual Asset (Service Providers) Regulations 及 CIMA 最新费用表计算，并通过 REEFS 递交。
- 基金注册、年度续期、审计、行政管理、注册地址、公司秘书和服务商费用应单独列入项目预算。
- VASP registration or licence application and approval fees are calculated under the Virtual Asset (Service Providers) Regulations and CIMA's latest fee schedule, and filed through REEFS.
- Fund registration, annual renewal, audit, administration, registered office, company secretary and service provider costs should be budgeted separately.
持续合规义务Ongoing Obligations
- VASP：年度续期、监管申报、AML/CFT 审查、关键人员/董事/控制权变更通知、网络安全事件和重大业务变更通知。
- 基金：年度审计、CIMA 申报、投资者及服务商变更维护、AML/KYC 更新、估值与托管文件维护。
- 开曼主体：注册代理、经济实质（如适用）、受益所有人登记、公司记录和税务信息交换相关合规。
- VASP: annual renewal, regulatory filings, AML/CFT review, key personnel/director/control changes, cybersecurity incidents and material business change notifications.
- Funds: annual audit, CIMA filings, investor and service provider change maintenance, AML/KYC updates, valuation and custody documents.
- Cayman entities: registered agent, economic substance where applicable, beneficial ownership register, company records and tax information exchange compliance.
典型申请人画像Typical Applicant Profile
- 数字资产基金、Web3 基金、RWA 基金、对冲基金、家族办公室或跨境投资平台。
- 计划设置开曼 token issuer、基金/SPV、控股公司，并在香港或迪拜设运营/牌照实体的集团。
- 需要 VASP registration 或 custody/trading platform licence 的交易平台、托管商、OTC 或钱包服务商。
- Digital asset funds, Web3 funds, RWA funds, hedge funds, family offices and cross-border investment platforms.
- Groups planning a Cayman token issuer, fund/SPV or holding company with Hong Kong or Dubai operating/licensed entities.
- Exchanges, custodians, OTC desks or wallet service providers requiring VASP registration or custody/trading platform licensing.
Spark Advisory 服务范围Our Engagement Scope
- 设计开曼控股、基金、token issuer、运营实体和香港/迪拜牌照之间的跨境架构。
- 协调开曼律师、注册代理、基金行政管理人、审计师、银行和 AML 服务商。
- 准备业务模式备忘录、VASP perimeter memo、基金结构图、发行文件审阅清单和监管申请资料。
- 支持 REEFS 申请、CIMA 问询、AML/CFT 政策、Travel Rule、网络安全和业务连续性文件。
- 获批后协助年度续期、审计、申报、服务商变更及与其他司法管辖区牌照的持续联动。
- Design Cayman holding, fund, token issuer, operating entity and Hong Kong/Dubai licence structures.
- Coordinate Cayman counsel, registered agents, fund administrators, auditors, banks and AML service providers.
- Prepare business model memoranda, VASP perimeter memos, fund structure charts, offering document review checklists and regulatory application materials.
- Support REEFS filings, CIMA questions, AML/CFT policies, Travel Rule, cybersecurity and business continuity documents.
- Post-approval support for annual renewal, audit, filings, service provider changes and ongoing coordination with other jurisdictional licences.