Section 35Part 6 — General
Offence to carry on business without licence, registration or waiver
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A person who carries on, or purports to carry on, virtual asset service in or from within the Islands for which registration is required who is not a registered person or the holder of a waiver under this Act , commits an offence and is liable on summary conviction to a fine of twenty-five thousand dollars and to imprisonment for one year.
Where the offence under subsection (1) continues after conviction, the person shall be liable to a fine of ten thousand dollars for each day during which the offence continues.
A person who carries on, or purports to carry on —
virtual asset custody services; or
operate a virtual asset trading platform, in or from within the Islands who is not a licensee or is not a person who is in receipt of a waiver under this Act , commits an offence and is liable on summary conviction to a fine of one hundred thousand dollars and to imprisonment for one year and in the case of a continuing offence, to a fine of ten thousand dollars for each day during which the offence continues. Virtual Asset (Service Providers) Act (2024 Revision) Section 36