What significant legislation was passed in 1966?

The significant legislation passed in 1966 that is most notable is the one related to encouraging the banking industry. This piece of legislation played a critical role in shaping the financial landscape of the Cayman Islands, marking a shift towards becoming an international financial hub. By fostering an environment favorable to banking and finance, it helped establish the infrastructure necessary for the growth of both local and international banking services. This legislation laid the groundwork for future economic development, significantly impacting the islands' economy and attracting foreign investment.

The options regarding regulating tourism, public education reform, and establishing a national museum, while important, do not hold the same level of historical significance in that specific year, as the focus in 1966 was primarily on economic diversification and the banking sector.