Virtual Asset (Service Providers) (Amendment) (No. 2) Act, 2023 (Act 22 of 2023)

Amendment of section 25 of the Virtual Asset (Service Providers) Act (2022 Revision) -

AN ACT TO AMEND THE VIRTUAL ASSET (SERVICE PROVIDERS) ACT (2022 REVISION) TO UPDATE REFERENCES RELATING TO THE BENEFICIAL OWNERSHIP REGIME; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands. Short title and commencement (1) This Act may be cited as the Virtual Asset (Service Providers) (Amendment) (No. 2) Act, 2023. (2) This Act comes into force by Order made by the Cabinet. Amendment of section 25 of the Virtual Asset (Service Providers) Act (2022 Revision) - enforcement powers of the Authority The Virtual Asset (Service Providers) Act (2022 Revision), in this Act referred to as the “principal Act”, is amended in section 25(2) by repealing paragraph (g) and substituting the following paragraph — “(g) is a “corporate services provider”, as defined by section 2 of the Beneficial Ownership Transparency Act, 2023 and the corporate services provider has contravened that Act; or”. I Assent, Jane Owen Governor Date: 7th day of December, 2023

Amendment of section 32 - duty of auditor The principal Act is amended in section 32(1)(b) by repealing subparagraph (ii) and substituting the following subparagraph — “(ii) the Beneficial Ownership Transparency Act, 2023 if the licensee is a “corporate services provider” as defined by that Act;”. Amendment of section 33 - entry and search of premises The principal Act is amended in section 33(2) by repealing paragraph (b) and substituting the following paragraph — “(b) there is on those premises evidence of any contravention of this Act, the Proceeds of Crime Act (2020 Revision) or the Beneficial Ownership Transparency Act, 2023;”. Passed by the Parliament the 23rd day of November, 2023. Hon. Sir Alden McLaughlin Speaker Zena Merren-Chin Clerk of the Parliament