Section 21Part 2 — Registered Persons and Virtual Asset Service Licensees
Authority may amend, extend or revoke
←→ Navigate · Click subsection badges to collapse · Press ? for help
The Authority may —
amend the terms of or the restrictions on the sandbox licence;
extend the duration of the sandbox licence;
where the Authority determines that —
the sandbox licensee who is a virtual asset service provider has contravened the Anti-Money Laundering Regulations (2023 Revision) ; or
the virtual asset service provided by a sandbox licensee poses a material risk to the welfare of the public and the stability of the financial services in the Islands, without prior notice, revoke the sandbox licence and require the licensee to cease providing the virtual asset service in or from within the Islands;
revoke a sandbox licence and require the virtual asset service provider to apply for registration or a virtual asset service licence under this Act instead; or
revoke a sandbox licence and require the virtual asset service provider to apply for a licence under another regulatory law. Section 22 Virtual Asset (Service Providers) Act (2024 Revision)
The Authority may immediately revoke a sandbox licence held by a fintech service provider at any time by providing notice in writing to the sandbox licensee where —
the licensee fails to comply with a requirement relating to its licence; or
the Authority, in the performance of its functions under section 18(2), no longer considers the sandbox licence necessary.
A fintech service provider who holds a sandbox licence may choose to surrender the licence at any time by providing notice to that effect to the Authority. Part 4 - Decisions to licence, register, approve issuances