Section 5Part 3 — Sandbox Licensees
Fees
←→ Navigate · Click subsection badges to collapse · Press ? for help
An application for registration or a licence shall be accompanied by the prescribed non-refundable assessment fee under subsection (3).
On the Authority’s decision to approve an application for registration or a licence, the Authority shall notify the applicant of its approval and the applicant shall pay the application fee as may be specified by the Authority.
The application fee shall be such amount that is payable by an applicant for registration or licensing after assessment and approval of the application by the Authority, such fee being within the prescribed range and determined by the Authority based on, but not limited to, the nature, size, scope and complexity of the virtual asset service or fintech service set out in the application less the assessment fee.
The application fee shall be paid by the applicant no later than thirty days after being notified of the fee by the Authority and where the fee is not paid the approval shall be cancelled by the Authority.
A licensee or a registered person shall, on or before 15th January in each year, pay the prescribed renewal fee and there shall be payable by a licensee or registered person who fails to pay the renewal fee by that date a surcharge of one-twelfth of that fee for every month, or part of a month, after 15th January in each year that the fee is not paid.
The licence or registration in respect of which the renewal fee remains unpaid for three full months after 15th January in any year shall lapse immediately but if, within a period of one month after the date of lapse, the person who held the licence or registration prior to its lapse pays —
the prescribed renewal fee;
the surcharges due under subsection (5); and
an administration fee of ten per cent of the renewal fee, the licence or registration may be renewed for the period from 1st January to 31st December, inclusive, of the year in question.
The Authority may, for good cause, waive any additional fee imposed under subsection (5). Virtual Asset (Service Providers) Act (2024 Revision) Section 6
If the prescribed renewal fee referred to in subsection (5) is not paid on or before the 15th day of January in each year, the unpaid annual fee may be sued for by the Crown by action as a civil debt and the Crown may require, and the court may order, the payment of any penalties accrued in respect of the late payment of the fee. Part 2 – Registered persons and virtual asset service licensees Registration