CAPTIVE INSIGHT
reiterated that their Statement of Guidance
on ‘Nature, Accessibility and Retention
of Records’ states that records should be
maintained using an appropriate record
management system and in a manner that
allows CIMA to access records. Clearly, since
the technology to access blockchain data
is not yet available to CIMA this currently
precludes this format of signature or verified
documents from being acceptable.
Eventually there will exist captives
with incorporation documents stored
on blockchain, providing due diligence
documentation such as birth certificates
and signatures in blockchain format. It is
feasible that such captives may also wish to
hold assets in the form of crypto currencies
rather than fiat currencies; and that is a
scenario which raises a whole new series of
questions for CIMA to consider.
its its o own bloc
blockchain may offer. CIMA’s reply
made it clear that for such a project to be a
success they will first need to perform a cost
v benefit analysis. Presently, they have not
seen the demand for, or use of, blockchain
that would warrant and justify such steps.
In 2017 Arizona enacted legislation
recognising signatures through blockchain.
Although CIMA no longer requires ‘wet’
signatures (stating that records may be
kept in a form other than a paper-based
document or copy of a document, as long
as the integrity of the document remains
intact) CIMA does insist that records need
to be kept in a manner that allows them
to access said records. The same is true
where notarised or certified copies of
documents are required. I asked if CIMA
would allow documents provided by means
of DLT such as blockchain as an equivalent,
higher form of immutable proof. CIMA