Section 15Part 2 — Registered Persons and Virtual Asset Service Licensees
Notice by existing licensee
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An existing licensee who wishes to carry on virtual asset service shall notify the Authority, in the manner specified by the Authority, advising of the nature and scope of the virtual asset service that the existing licensee wishes to carry on.
Subject to section 16 , the Authority, in reviewing a notice from an existing licensee shall make a determination regarding whether the existing licensee is —
to be granted a waiver for registration or licensing under this Act in accordance with section 16 ;
to apply for a virtual asset service licence;
to apply for a sandbox licence;
to apply for a licence under one of the other regulatory laws; or
to cease providing the virtual asset service.
The Authority in reviewing a notice under this section shall take into consideration the matters set out in section 22 .
An applicant shall provide such information that the Authority considers necessary to make a determination under this section.
A notice under this section is not required where an existing licensee is carrying on activities that involve virtual service tokens only. (5A) An existing licensee shall comply with any relevant provisions of this Act as the Authority may require. 9
An existing licensee who fails to provide notice under subsection (1) commits an offence and is liable on summary conviction to a fine of one hundred thousand dollars.