With the sale, the Cayman Islands is starting to emerge as a crypto-friendly hub
CAYMAN ISLANDS, September 1, 2022 /EINPresswire.com/ — In a historic first, Limited parallelthe Cayman Islands’ first and only fiat cryptocurrency provider, successfully brokered the territory’s first cryptocurrency sale – a private home that sold for over $5 million.
By working with pioneer Parallel Limited, the buyer was able to pay 100% of the property price in cryptocurrency within weeks.
“We are thrilled to have facilitated Cayman’s first crypto real estate transaction,” said Laura Birrell, CEO of Parallel. “We created Parallel to give crypto investors a legal and compliant way to convert their crypto earnings into tangible real estate in one of the world’s most desirable destinations. Property in the Cayman Islands enjoys a high return on investment, and with no restrictions on foreign ownership, ownership, capital gains, inheritance or other recurring or one-time taxes, invest your cryptocurrency in Cayman property with Parallel is a smart decision. ”
“The sale heralds a new era of real estate transactions in the Cayman Islands and is an exciting step forward for its real estate sector, which is one of the most robust in the world,” added Birrell.
Parallel is the Cayman Islands’ first and only real estate cryptocurrency escrow provider. It offers crypto investors a compliant way to diversify their investment portfolios in one of the most prestigious real estate markets in the world. Cayman saw a record number of real estate transactions in 2021, and with no restrictions on foreign ownership and no direct taxation, this trend is expected to continue.
The Cayman Islands are an English-speaking British Overseas Territory in the Western Caribbean. Well known as one of the world’s leading financial centers, the Cayman Islands boasts one of the highest GDPs and living standards in the world. The islands are home to many wealthy international people who are drawn to its laid-back lifestyle, year-round tropical climate, beautiful beaches, and status as the culinary capital of the Caribbean.
Parallel’s first crypto real estate purchase marks an exciting moment in Cayman’s history as it steps up to compete on the global stage with other crypto-friendly hubs, such as Miami, New York and Dubai.
Thanks to Parallel’s services, the crypto real estate boom these towns have enjoyed in recent years seems poised to arrive on the golden shores of Cayman.
Building on a long track record of complying with international standards, the Cayman Islands government has recently put in place a regulatory framework that establishes the legitimacy of virtual assets and cryptocurrencies in the islands, which regulates service providers who wish to operate in the space, known as a Virtual Asset Service Provider or VASP.
The legal framework provides protection for investors, as VASPs are subject to regulatory oversight in areas such as anti-money laundering compliance, governance and cybersecurity.
Cayman’s virtual asset regulatory framework advances the country’s ambition to become a premier hub for VASPs and blockchain businesses and entrepreneurs.
These are exciting times for Caymanians and for cryptocurrency investors everywhere, who may face challenges as they seek to diversify their virtual wealth into traditional assets. By bridging the gap between the digital and physical worlds and providing people with a compliant way to invest their cryptocurrency in real estate, Parallel provides an innovative solution to these challenges.