European Union Removes Crypto Hotspot Cayman Islands From Tax Haven Blacklist

The European Union has decided to remove Cayman Islands from its blacklist of tax havens.

Notably, the Cayman Islands is a well-known jurisdiction for digital currency industries. It was added to the European Union’s blacklist in the month of February of this year. Because of the latest decision, the island has spent less than 6 months on the list. Last year, a couple of crypto exchanges domiciled there were accountable for more than one and a half billion USD in international BTC transactions.

As per Allison Nolan, the founder of Athena International Management, a business that offers governance solutions to the international investment community, the place provides strong legal guidelines with rigorous KYC and AML controls in place.

He also highlighted that the local officials welcome authentic virtual asset business, which she believes benefits local commerce. She said:

“The focus here really is very good for the crypto space, because what it’s doing is it’s making sure that there’s an oversight in terms of those providers.”

Furthermore, she noted that all local regulated industries are subject to strict cybersecurity specifications laid out by the government.