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(1) This Law may be cited as the Monetary Authority (Amendment) (No.2) Law, 2020. (2) This Law shall come into force on such date as may be appointed by Order made by the Cabinet and different dates may be appointed for different provisions of this Law and in relation to different matters.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 2 of the Monetary Authority Law (2020 Revision) - interpretation 2. The Monetary Authority Law (2020 Revision), in this Law referred to as the \u201cprincipal Law\u201d, is amended in section 2, in the definition of \u201cregulatory laws\u201d as follows \u2014 (Law 15 of 2020) I Assent, Martyn Roper Governor Date: 25th day of May, 2020 Monetary Authority (Amendment) (No.2) Law, 2020 Law 15 of 2020 (a) in paragraph (ga) by deleting the words \u201c[Law 10 of 2014]; and\u201d and substituting the words \u201c[Law 10 of 2014];\u201d; (b) in paragraph (h) by deleting the words \u201c(2020 Revision),\u201d and substituting the words \u201c(2020 Revision); and\u201d; and (c) by inserting after paragraph (h) the following paragraph \u2014 \u201c(i) Virtual Asset (Service Providers) Law, 2020,\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 6 - principal functions of Authority 3. The principal Law is amended in section 6(3) as follows \u2014 (a) in paragraph (e) by deleting the words \u201cservices business; and\u201d and substituting the words \u201cservices business;\u201d; (b) in paragraph (f) by deleting the words \u201cthe Authority.\u201d and substituting the words \u201cthe Authority; and\u201d; and (c) by inserting after paragraph (f) the following paragraph \u2014 \u201c(g) endeavour to promote and facilitate innovation, competition, consumer benefits and the development of technology and services that encourage and promote financial inclusion.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Insertion of section 6A - power to adjust regulatory requirements 4. The principal law is amended by inserting after section 6 the following section \u2014 \u201cPower to adjust regulatory requirements 6A. 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TO EMPOWER THE AUTHORITY TO ADJUST THE REGULATORY\nREQUIREMENTS OF A PERSON WHO HOLDS A SANDBOX LICENCE UNDER THE\nVIRTUAL ASSET (SERVICE PROVIDERS) LAW, 2020; AND FOR INCIDENTAL AND\nCONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title and commencement\n1.\n(1) This Law may be cited as the Monetary Authority (Amendment) (No.2) Law,\n2020.\n(2) This Law shall come into force on such date as may be appointed by Order made\nby the Cabinet and different dates may be appointed for different provisions of\nthis Law and in relation to different matters.\n2.\nAmendment of section 2 of the Monetary Authority Law (2020 Revision) -\ninterpretation\n2.\nThe Monetary Authority Law (2020 Revision), in this Law referred to as the \u201cprincipal\nLaw\u201d, is amended in section 2, in the definition of \u201cregulatory laws\u201d as follows \u2014\n(Law 15 of 2020)\nI Assent,\nMartyn Roper\nGovernor\nDate: 25th day of May, 2020\n\nSection 3\nMonetary Authority (Amendment) (No.2) Law, 2020\n\nPage 6\nLaw 15 of 2020\nc\n\n(a)\nin paragraph (ga) by deleting the words \u201c[Law 10 of 2014]; and\u201d and\nsubstituting the words \u201c[Law 10 of 2014];\u201d;\n(b) in paragraph (h) by deleting the words \u201c(2020 Revision),\u201d and substituting\nthe words \u201c(2020 Revision); and\u201d; and\n(c)\nby inserting after paragraph (h) the following paragraph \u2014\n\u201c(i) Virtual Asset (Service Providers) Law, 2020,\u201d.\n3.\nAmendment of section 6 - principal functions of Authority\n3.\nThe principal Law is amended in section 6(3) as follows \u2014\n(a)\nin paragraph (e) by deleting the words \u201cservices business; and\u201d and\nsubstituting the words \u201cservices business;\u201d;\n(b) in paragraph (f) by deleting the words \u201cthe Authority.\u201d and substituting the\nwords \u201cthe Authority; and\u201d; and\n(c)\nby inserting after paragraph (f) the following paragraph \u2014\n\u201c(g) endeavour to promote and facilitate innovation, competition,\nconsumer benefits and the development of technology and\nservices that encourage and promote financial inclusion.\u201d.\n4.\nInsertion of section 6A - power to adjust regulatory requirements\n4.\nThe principal law is amended by inserting after section 6 the following section \u2014\n\n\u201cPower to adjust regulatory requirements\n6A. The Authority may at any time during the term of a sandbox licence issued\nunder the Virtual Asset (Service Providers) Law, 2020 \u2014\n(a)\nwaive or modify any regulatory requirements imposed in\naccordance with the Virtual Asset (Service Providers) Law,\n2020 or any other regulatory law; or\n\nMonetary Authority (Amendment) (No.2) Law, 2020\nSection 4\n\nc\nLaw 15 of 2020\nPage 7\n\n(b) impose any additional regulatory requirements in accordance\nwith the Virtual Asset (Service Providers) Law, 2020 or any\nother regulatory law,\n\non the person who holds the sandbox licence, based on the use of\ninnovative technology or innovative methods of delivery, the nature and\ncomplexity of the activity, or the supervisory needs of the person who\nholds the sandbox licence.\u201d.\nPassed by the Legislative Assembly the 20th day of May, 2020.\nHon. 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