Virtual Asset (Service Providers) Act, 2020 (Act 14 of 2020)
AI-assisted research summary: These Regulations create a short transitional period for certain virtual asset service providers and existing licensees to keep operating while they register or notify the Authority.
CAYMAN ISLANDS Virtual Asset (Service Providers) Act, 2020 (Act 14 of 2020) VIRTUAL ASSET (SERVICE PROVIDERS) (SAVINGS AND TRANSITIONAL) REGULATIONS, 2021 (SL 2 of 2021) Supplement No. 2 published with Legislation Gazette No. 3 dated 11th January, 2021. PUBLISHING DETAILS Page 2 SL 2 of 2021 c Virtual Asset (Service Providers) (Savings and Transitional) Regulations, 2021 Regulation 1 CAYMAN ISLANDS Virtual Asset (Service Providers) Act, 2020 (Act 14 of 2020) VIRTUAL ASSET (SERVICE PROVIDERS) (SAVINGS AND TRANSITIONAL) REGULATIONS, 2021 (SL 2 of 2021) In exercise of the powers conferred by section 39 of the Virtual Asset (Service Providers) Act, 2020, the Cabinet makes the following Regulations — 1. Citation and commencement 1. (1) These Regulations may be cited as the Virtual Asset (Service Providers) (Savings and Transitional) Regulations, 2021. (2) These Regulations come into force immediately after the Virtual Asset (Service Providers) (Amendment) Act, 2020 comes into force. 2. Savings and transitional provisions 2. Notwithstanding any provision to the contrary in the Act — (a) a virtual asset service provider who — (i) was carrying on virtual asset service immediately before 31st October 2020; and (ii) is not an existing licensee, may, until 30th January, 2021, continue to carry on virtual asset service without being registered under section 6(3) of the Act where the virtual c SL 2 of 2021 Page 3 Virtual Asset (Service Providers) (Savings and Transitional) Regulation 2 Regulations, 2021 asset service provider submits the application for registration under section 6(1) promptly to the Authority in order that the Authority may register the virtual asset service provider on or before January 31, 2021; (b) an existing licensee who was carrying on virtual asset service immediately before 31st October 2020 may, until 30th January, 2021, continue to carry on virtual asset service by providing notice to the Authority in accordance with section 15 on or before 31st January, 2021 or such earlier date as may be specified by the Authority; and (c) no liability for a criminal offence under section 35 of the Act for which there is a penalty of conviction or an administrative fine shall be imposed on — (i) a virtual asset service provider who fails to be registered in accordance with section 6 prior to 31st January, 2021; or (ii) an existing licensee who fails to notify the Authority prior to 31st January, 2021 in accordance with section 15 of the Act. Made in Cabinet the 8th day of January, 2021. Kim Bullings Clerk of the Cabinet Page 4 SL 2 of 2021 c