Deriv Secures Conditional Approval for Cayman Islands VASP Licence

Deriv's VASP licence from the Cayman Islands Monetary Authority (CIMA) has received conditional approval, according to law firm Campbells. The online trading company was advised by Campbells during the regulatory process.

Campbells announced the development on LinkedIn on Thursday, saying Deriv is one of a select number of businesses to have received conditional licence approval under the Cayman Islands’ VASP regime.

“This approval marks an important step for Deriv, as one of a select number of businesses to have received conditional licence approval under Cayman’s VASP regime,” said Richard Spencer, Campbells’ Head of FinTech and Co-Head of Corporate.

The Cayman Islands introduced its VASP regulatory framework to supervise businesses providing virtual-asset services from or within the jurisdiction. CIMA oversees registration and licensing under the regime.

Deriv operates online trading businesses across multiple regulated entities and jurisdictions. The Cayman approval would add a virtual-asset regulatory authorisation to the group once the remaining conditions are met and the full licence is granted.

The brokerage firm is most likely to use the licence to facilitate payments and banking services for its activities globally.