Virtual Asset (Service Providers) (Amendment) Act, 2023 (Act 7 of 2023)

VIRTUAL ASSET (SERVICE PROVIDERS) (AMENDMENT) ACT, 2023

PUBLISHING DETAILS

VIRTUAL ASSET (SERVICE PROVIDERS) (AMENDMENT) ACT, 2023 AN ACT TO AMEND THE VIRTUAL ASSET (SERVICE PROVIDERS) ACT (2022 REVISION) TO PROVIDE FOR THE LIABILITY OF PARTNERSHIPS, LIMITED LIABILITY PARTNERSHIPS, EXEMPTED LIMITED PARTNERSHIPS, PARTNERS, UNINCORPORATED ASSOCIATIONS AND PERSONS CONCERNED IN THE MANAGEMENT OR CONTROL OF UNINCORPORATED ASSOCIATIONS FOR OFFENCES; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands. Short title This Act may be cited as the Virtual Asset (Service Providers) (Amendment) Act, Amendment of section 2 of the Virtual Asset (Service Providers) Act (2022 Revision) - interpretation The Virtual Asset (Service Providers) Act (2022 Revision) is amended in section 2 by inserting in the appropriate alphabetical sequence the following definitions — “ “exempted limited partnership” has the meaning assigned by section 2 of the Exempted Limited Partnership Act (2021 Revision); I Assent, Jane Owen Governor Date: 16th day of May, 2023

“limited liability partnership” means a limited liability partnership registered under section 18(4) or 33(4) of the Limited Liability Partnership Act (2021 Revision); and “partnership” has the meaning assigned by section 3 of the Partnership Act (2013 Revision);”. Amendment of section 36 of the Virtual Asset (Service Providers) Act (2022 Revision) – offences by corporations The Virtual Asset (Service Providers) Act (2022 Revision) is amended in section 36 as follows — (a) by repealing the section heading and substituting the following section heading — “Offences by corporations, partnerships, limited liability partnerships, etc.”; and (b) by inserting after subsection (2) the following subsections — “(3) Where an offence under this Act is committed by a partnership, a limited liability partnership or an exempted limited partnership and it is proved that the offence — (a) was committed with the consent or connivance of; or (b) is attributable to any neglect on the part of, a partner concerned in the management or control of a partnership or a limited liability partnership, or a partner who takes part in the conduct of the business of an exempted limited partnership, that partner, as well as the partnership, the limited liability partnership or the exempted limited partnership, as applicable, commits the offence and is liable to be proceeded against and punished accordingly.

(4) Where an offence under this Act is committed by an unincorporated association other than a partnership, a limited liability partnership or an exempted limited partnership and it is proved that the offence — (a) was committed with the consent or connivance of; or (b) is attributable to neglect on the part of, a person concerned in the management or control of the unincorporated association, that person, as well as the unincorporated association, commits the offence and is liable to be proceeded against and punished accordingly.”. Passed by the Parliament the 28th day of April, 2023. Hon. Katherine Ebanks-Wilks Speaker Zena Merren-Chin Clerk of the Parliament