Section 14Part 2 — Registered Persons and Virtual Asset Service Licensees
Directions to apply for a licence under another regulatory law
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The Authority may require a virtual asset service provider to apply for a licence under any of the other regulatory laws, where the registered person or licensee is carrying on business activity —
that is materially similar to business activity for which there is a licensing regime under the other regulatory laws that provides sufficient oversight and supervision for that business activity and, on approval of the licence under one of the other regulatory laws, the Authority shall cancel the registration or revoke the licence under this Act ; or Virtual Asset (Service Providers) Act (2024 Revision) Section 15
that requires additional oversight that is provided for under a licensing regime under the other regulatory laws and requires that the registered person or licensee apply for the additional licence. Existing licensee