Section 6Part 2 — Registered Persons and Virtual Asset Service Licensees
Application for registration
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Subject to subsection (3), a person, not being an existing licensee, who —
at the commencement of this Act is carrying on virtual asset service for which a licence is not required under this Act ; or
wishes to carry on virtual asset service for which a licence is not required under this Act , shall apply in the prescribed form to be a registered person under this Act and submit the application along with the prescribed assessment fee to the Authority.
The Authority in determining whether to approve the application from a person in subsection (1), shall consider —
the matters set out in section 22 ; and
whether —
the applicant should apply instead for a virtual asset service licence or a sandbox licence as the virtual asset service is one for which a licence is required; or
the applicant should apply instead for registration or a licence under one of the other regulatory laws as the virtual asset service is similar in nature to an activity or service for which registration or a licence is required under another regulatory law and for which supervision under this Act is not required.
The Authority shall, further to its determination under subsection (2) that the applicant is suitable to be registered, register the applicant upon payment of the application fee or reject the application for registration if the applicant is found to be unsuitable.
Where an application for registration has not been approved, the Authority shall notify the applicant of its decision and the reasons therefor.
An applicant for registration or a registered person shall notify the Authority within fifteen days of any changes to the information provided under subsection (1) that occurs after submission of the application. Section 7 Virtual Asset (Service Providers) Act (2024 Revision)
If a registered person engages in activities for which a licence is required under this Act , the Authority shall cancel the registration and require the registered person to apply for a licence.
A registered person shall not publicly state, imply or convey that it is licensed or regulated in the Islands.
An application under this section shall include such information as may be prescribed and any information that the Authority requires in order to make a determination.
A person who contravenes subsection (5) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars.