Section 26Part 5 — The Authority: Powers and Enforcement
Direction to cease and desist
←→ Navigate · Click subsection badges to collapse · Press ? for help
Where the Authority is of the opinion that a virtual asset service provider is —
carrying out, or about to carry out, an act that is an unsafe or an unsound practice in conducting the business of the virtual asset service provider; or
pursuing, or about to pursue, a course of conduct that is an unsafe or an unsound practice in the conduct of the business of the virtual asset service provider, the Authority may direct the virtual asset service provider, in relation to the virtual asset service, to cease or refrain from carrying out the act or pursuing the course of conduct and to carry out such acts as are necessary, in the opinion of the Authority, to remedy or ameliorate its conduct.
A person who, without reasonable cause, fails to comply with a direction given by the Authority under subsection (1), commits an offence and is liable —
on summary conviction, to a fine of fifty thousand dollars or to imprisonment for one year, or to both; or
on conviction on indictment, to a fine of one hundred thousand dollars or to imprisonment for five years or to both, Section 27 Virtual Asset (Service Providers) Act (2024 Revision) and if the offence continues after conviction, the person shall be liable to a fine of ten thousand dollars for every day on which the offence continues.
If the Authority knows, or has reasonable grounds to believe, that any of the acts referred to in section 25(2)(b) through (g) have occurred in relation to a virtual asset service provider, the virtual asset service provider commits a breach and may be liable to an administrative fine by virtue of Part VIA of the Monetary Authority Act (2020 Revision) .