CIMA has published the following updated Regulatory Policies which are effective 23 May 2025:
The VASP Policy has been updated to add new guidance for those seeking waivers from the requirement to register/license, as well as to provide more detailed guidance on the procedural requirements for registration and licensing. CIMA may grant a waiver in exceptional circumstances, “where the virtual asset service does not materially change the nature of the activity for which the ‘Supervised Person’ is [already] licensed or registered, and the supervision and oversight carried out in relation to the business of the Supervised Person is sufficient to include the virtual asset service”. A formal waiver application must be filed, along with supporting documentation where requested by CIMA. CIMA will advise the applicant of its decision in respect of the waiver application, and if the application is not approved, CIMA will refer the applicant to register or be licensed under the VASP Act.
Updates in the VASP Policy to registration and licensing requirements reflect recent amendments to the Virtual Asset (Service Providers) Act (As Revised) (the “VASP Act“), including the requirement to have at least three directors. The VASP Policy also advises applicants for registration or licensing to refer to CIMA’s checklist for ease in compiling all filing requirements.
The D-SIDTI Policy applies to “deposit-taking institutions” which are authorised to accept deposits from the public, including banks, co-operative societies, building societies and other similar institutions and the additional capital buffer (the “HLA Requirement“) that is applied to reduce a D-SIDTI’s probability of failure. The updated policy reflects that CIMA is still to identify and designate certain institutions as D-SIDTIs. The D-SIDTI Policy also tweaks the classification methodology’s Table 1 score ranges and corresponding HLA Requirements and confirms that assessment of investments includes those held-to-maturity and available-for-sale.
