Section 23Part 4 — Decisions to Licence, Register, Approve Issuances
Decisions by the Authority to approve issuance of virtual assets
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In determining whether to approve the issuance of virtual assets pursuant to a request from a licensee or a registered person, the Authority shall consider the following —
the nature of the virtual asset;
whether the virtual asset interferes with the functions of the Authority relating to anti-money laundering, combating of terrorist financing and anti-proliferation financing;
whether the issuance is harmful to critical or systemically important entities, persons or processes, the local or global financial services markets or the public generally;
whether the virtual asset is a security as defined by the Securities Investment Business Act (2020 Revision);
the function and purpose of the virtual asset, and if applicable, the nature of any underlying asset which the virtual asset may represent or may be a derivative of;
whether the virtual asset service provider wishes to solicit the public directly for the purchase of the virtual assets;
the total number of virtual assets that will be issued and available for purchase by the issuance and the amount to be raised in the issuance;
the period of time during which the issuance will take place;
whether the virtual assets will be issued by way of an obliged virtual asset trading platform or a virtual asset platform which is licensed under this Act ;
the anti-money laundering processes utilised by or available to the virtual asset issuer;
the accuracy and completeness of disclosures to be made to the public regarding the issuance of virtual assets; and
any other considerations that the Authority considers relevant.
The Authority shall notify the virtual asset issuer who submitted the issuance request of its decision within twenty-one days of receipt of the issuance request. Section 24 Virtual Asset (Service Providers) Act (2024 Revision) Part 5 – The Authority: powers and enforcement