Legislative Assembly Statement by Minister of Financial Services, the Hon. Tara Rivers, JP, MLA:
"Update on Financial Services – Introducing A Digital Assets Framework" - at the Second Meeting of the Legislative Assembly 2018/2019, 14 November 2018.
Mister Speaker, I rise to make a statement about efforts which are being made by the Government, specifically through the work of the Ministry of Financial Services, to incubate innovation, attract strong and vibrant companies to our shores and promote a new growing industry in Cayman in a safe, controlled and prudent manner.
Our jurisdiction has long been a world leader in the financial services industry. We have built a reputation as a safe, developed and efficient international financial centre, connecting capital from around the world, enabling capital projects, development and innovation globally.
Yet our financial markets are changing – the global landscape is not how it was 30 years ago. New technologies are reshaping the way contracts are made, how capital is transferred and how information is managed.
Technologies like crypto assets or distributed ledgers give us more efficient ways to conduct business, but also bring new threats; they allow for capital and value to be transferred outside of traditional channels, they allow for anonymity, and a new level of complexity which most do not yet understand.
We should embrace change, but we should do so in a responsible and prudent manner while continuing to embrace strict global anti-money laundering and terrorist financing standards.