Blockchain.com has received conditional approval for a Virtual Asset Service Provider license from the Cayman Islands Monetary Authority, advancing its transition from the jurisdiction’s earlier registration regime. The decision is a regulatory milestone, but it is not equivalent to an unconditional final license. The company said it had been registered in Cayman since May 2022 and strengthened its systems after remediating findings from a routine CIMA inspection completed in early 2025.
The approval comes as Cayman’s second-phase VASP framework places virtual-asset custody and trading-platform operations under a licensing requirement. Blockchain.com said the process supports institutional custody, institutional staking and retail Ether staking. Its public announcement did not separately confirm that a Cayman exchange platform had received final authorization, and the company’s legal disclosures still describe Blockchain.com (Cayman) Limited as a registered VASP.
Conditional Status Limits Immediate Conclusions
CIMA allows existing registered providers that applied during the transition period to continue operating while the authority reaches a licensing decision. Once a license is granted, the earlier registration is cancelled. That framework makes the conditional approval a step toward full licensing rather than evidence that every proposed service is newly activated. Blockchain.com has not disclosed the remaining conditions or a date for final approval.
The Cayman regime also requires ongoing compliance with anti-money-laundering rules, regulatory reporting and standards for custodians and trading platforms. Blockchain.com said the inspection-remediation process led it to enhance controls for the newer licensing phase. Regulatory status therefore depends on continuing supervision, not a one-time approval event.
Blockchain.com has since announced plans to establish a physical presence in the Cayman Islands with TechCayman, including a local hire and operations in Camana Bay. The expansion adds an on-island operating footprint to the regulatory strategy, although the company has not published local customer targets, broader staffing plans or a detailed product-launch timetable.
UK and EU Permissions Sit Under Separate Entities
The company’s European and British permissions are held through different legal entities. Blue Cube (Malta) Limited is authorized by the Malta Financial Services Authority as a MiCA crypto-asset service provider for custody, exchange, order execution and transfer services. That authorization supports passported services across the European Economic Area under MiCA, subject to the scope of the Maltese license and applicable operating requirements.
In the United Kingdom, BC Operations Limited is registered with the Financial Conduct Authority as a cryptoasset exchange provider and custodian wallet provider under the money-laundering regulations. FCA registration is an AML gateway, not the same as full authorization under the UK’s forthcoming financial-services regime, which is scheduled to begin in October 2027.
The Cayman approval therefore broadens Blockchain.com’s regulated footprint without creating a single global license. Each jurisdiction applies separate entities, service permissions and supervisory obligations. The practical significance will depend on final CIMA approval and the services ultimately launched locally, rather than on the conditional decision alone.
