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(1) This Act may be cited as the Virtual Asset (Service Providers) (Amendment) Act, 2020. (2) This Act 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 Act and in relation to different matters.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 2 of the Virtual Asset (Service Providers) Act, 2020 - interpretation 2. The Virtual Asset (Service Providers) Act, 2020 in this Act referred to as the \u201cprincipal Act\u201d is amended in section 2 in the definition of \u201cobliged entity\u201d by deleting the words \u201cperson or group of persons that provide\u201d and substituting the words \u201cfinancial institution, person or group of persons that provides\u201d. I Assent, Martyn Roper Governor Date: 6th day of January, 2021 Virtual Asset (Service Providers) (Amendment) Act, 2020\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 7 - registered person: virtual asset issuance 3. The principal Act is amended in section 7 as follows \u2014 (a) by repealing subsection (1) and substituting the following subsections \u2014 \u201c(1) A registered person shall not issue virtual assets directly to members of the public in excess of the prescribed threshold. (1A) A registered person shall, prior to issuing virtual assets, submit an issuance request to the Authority in the prescribed form and obtain the approval of the Authority prior to the issuance.\u201d; and (b) in subsection (3), by deleting the words \u201c(1) and (2)\u201d and substituting the words \u201c(1), (1A) and (2)\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Amendment of section 9 - general requirements for virtual asset service providers 4. The principal Act is amended in section 9(6) by inserting after the words \u201cthe person is\u201d, the words \u201cregistered or is\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of section 15 - notice by existing licensee 5. The principal Act is amended in section 15 by inserting after subsection (5), the following subsection \u2014 \u201c(5A) An existing licensee shall comply with any relevant provisions of this Act as the Authority may require.\u201d. Virtual Asset (Service Providers) (Amendment) Act, 2020\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Amendment of section 39  - regulations 6. The principal Act is amended in section 39 by inserting after subsection (3), the following subsections \u2014 \u201c(4) Regulations made under this Act may provide for such savings, transitional and consequential provisions to have effect in connection with the coming into operation of any provision of this Act as are necessary or expedient. (5) Regulations made under subsection (4) may be given retrospective operation to a date that is not earlier than 31st October, 2020. 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AND FOR INCIDENTAL\nAND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title and commencement\n1.\n(1) This Act may be cited as the Virtual Asset (Service Providers) (Amendment)\nAct, 2020.\n(2) This Act 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 Act and in relation to different matters.\n2.\nAmendment of section 2 of the Virtual Asset (Service Providers) Act, 2020 -\ninterpretation\n2.\nThe Virtual Asset (Service Providers) Act, 2020 in this Act referred to as the\n\u201cprincipal Act\u201d is amended in section 2 in the definition of \u201cobliged entity\u201d by\ndeleting the words \u201cperson or group of persons that provide\u201d and substituting the\nwords \u201cfinancial institution, person or group of persons that provides\u201d.\n(Act 59 of 2020)\nI Assent,\nMartyn Roper\nGovernor\nDate: 6th day of January, 2021\n\nSection 3\nVirtual Asset (Service Providers) (Amendment) Act, 2020\n\nPage 6\nAct 59 of 2020\nc\n\n3.\nAmendment of section 7 - registered person: virtual asset issuance\n3.\nThe principal Act is amended in section 7 as follows \u2014\n(a)\nby repealing subsection (1) and substituting the following subsections \u2014\n\u201c(1) A registered person shall not issue virtual assets directly to members\nof the public in excess of the prescribed threshold.\n(1A) A registered person shall, prior to issuing virtual assets, submit an\nissuance request to the Authority in the prescribed form and obtain\nthe approval of the Authority prior to the issuance.\u201d; and\n(b) in subsection (3), by deleting the words \u201c(1) and (2)\u201d and substituting the\nwords \u201c(1), (1A) and (2)\u201d.\n4.\nAmendment of section 9 - general requirements for virtual asset service\nproviders\n4.\nThe principal Act is amended in section 9(6) by inserting after the words \u201cthe person\nis\u201d, the words \u201cregistered or is\u201d.\n5.\nAmendment of section 15 - notice by existing licensee\n5.\nThe principal Act is amended in section 15 by inserting after subsection (5), the\nfollowing subsection \u2014\n\u201c(5A) An existing licensee shall comply with any relevant provisions of\nthis Act as the Authority may require.\u201d.\n\nVirtual Asset (Service Providers) (Amendment) Act, 2020\nSection 6\n\nc\nAct 59 of 2020\nPage 7\n\n6.\nAmendment of section 39  - regulations\n6.\nThe principal Act is amended in section 39 by inserting after subsection (3), the\nfollowing subsections \u2014\n\u201c(4) Regulations made under this Act may provide for such savings,\ntransitional and consequential provisions to have effect in connection\nwith the coming into operation of any provision of this Act as are\nnecessary or expedient.\n(5) Regulations made under subsection (4) may be given retrospective\noperation to a date that is not earlier than 31st October, 2020.\n(6) Regulations which are given retrospective operation shall not \u2014\n(a)\naffect in a prejudicial manner, rights existing before the date on\nwhich those regulations come into force; or\n(b) impose liabilities in respect of anything done or omitted to be\ndone before the date on which those regulations come into\nforce.\u201d.\n\nPassed by the Parliament the 16th day of December, 2020.\nHon. W. McKeeva Bush\nSpeaker\nZena Merren-Chin\nClerk of the Parliament","akn_extracted_at":"2026-06-22 15:42:15.303895+00","cms_id":"2020-0059","law_type":"amending","year":"2020","number":"59","title":"Virtual Asset (Service Providers) (Amendment) Act, 2020 (Act 59 of 2020)","status":"spent"},"provenance":{"files":[{"file_id":"6385","expr_id":"1544","kind":"akn_xml","filename":"2020-0059.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2020\/2020-0059\/2020-0059.akn.xml","content_md5":"125603a330140ebf6610e005ecc706f7","byte_size":"6735","http_last_modified":null,"fetched_at":"2026-06-22 15:42:15.356339+00"},{"file_id":"3087","expr_id":"1544","kind":"pristine_pdf","filename":"2020-0059.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2020\/2020-0059\/2020-0059.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2020\/2020-0059\/2020-0059.pdf","content_md5":"a9bb8c14dadb228407be0a311b871e6f","byte_size":"658523","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.837111+00"},{"file_id":"3088","expr_id":"1544","kind":"working_pdf","filename":"2020-0059.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2020\/2020-0059\/2020-0059.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2020\/2020-0059\/2020-0059.pdf","content_md5":"a9bb8c14dadb228407be0a311b871e6f","byte_size":"658523","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.837111+00"}],"paragraph_count":4,"latest_history":null},"quality":{"expr_id":"1544","doc_id":"1544","quality_state":"needs_review","quality_score":"72","needs_human_review":"t","deterministic_categories":"{commencement_metadata_problem,duplicate_text,page_header_footer_noise}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_commencement_metadata}","finding_severity_counts":"{\"low\": 1, \"medium\": 2}","finding_summary":"repeated line furniture detected: cayman islands x3; virtual asset service providers x3; amendment act 2020 x3; duplicate-line ratio is 18.18%","assessed_at":"2026-06-22 15:29:46.702489+00","updated_at":"2026-06-22 15:29:46.702489+00"}}