{"kind":"expression","expression":{"expr_id":"2070","doc_id":"2070","label":"Virtual Asset (Service Providers) (Amendment) Regulations, 2025 (SL 19 of 2025)","is_as_enacted":"f","commenced_on":null,"superseded_on":null,"valid_from":null,"valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/amending\/2025\/19\/eng@2025-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/amending\/2025\/19\", \"expression\": \"\/akn\/ky\/act\/amending\/2025\/19\/eng@2025-01-01\", \"manifestation\": \"\/akn\/ky\/act\/amending\/2025\/19\/eng@2025-01-01.pdf\"}, \"pdf\": {\"md5\": \"b98eea1b54a2c706473007925cbb9dc3\", \"path\": \"\/Users\/q\/kyleg-data\/working\/AMENDING\/2025\/2025-0019\/2025-0019.pdf\", \"pages\": 19, \"filename\": \"2025-0019.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 3757, \"paragraph_count\": 7, \"text_char_count\": 24100}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"Virtual Asset (Service Providers) Act (2024 Revision) VIRTUAL ASSET (SERVICE PROVIDERS) (AMENDMENT) REGULATIONS, 2025 (SL 19 of 2025) SL 19 of 2025 PUBLISHING DETAILS Virtual Asset (Service Providers) (Amendment) Regulations, 2025 Arrangement of Regulations SL 19 of 2025 Virtual Asset (Service Providers) Act (2024 Revision) VIRTUAL ASSET (SERVICE PROVIDERS) (AMENDMENT) REGULATIONS, 2025 (SL 19 of 2025) Arrangement of Regulations Regulation 1.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Insertion of regulation 4A in the Virtual Asset (Service Providers) Regulations, 2020 - 3. 4.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Virtual Asset (Service Providers) (Amendment) Regulations, 2025 Regulation 1 SL 19 of 2025 Virtual Asset (Service Providers) Act (2024 Revision) VIRTUAL ASSET (SERVICE PROVIDERS) (AMENDMENT) REGULATIONS, 2025 (SL 19 of 2025) In exercise of the powers conferred by section 39 of the Virtual Asset (Service Providers) Act (2024 Revision), the Cabinet, after consultation with the Authority, makes the following Regulations \u2014\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Citation and commencement 1. (1) These Regulations may be cited as the Virtual Asset (Service Providers) (Amendment) Regulations, 2025. (2) These Regulations come into force immediately after the Virtual Asset (Service Providers) (Amendment) Act, 2024 comes into force. 2. Insertion of regulation 4A in the Virtual Asset (Service Providers) Regulations, 2020 - application for licence 2. The Virtual Asset (Service Providers) Regulations, 2020, in these Regulations referred to as the \u201cprincipal Regulations\u201d, are amended by inserting after regulation 4 the following regulation \u2014 \u201cApplication for licence 4A. An application for a licence under section 8(1) of the Act shall be made to the Authority in the form set out in Schedule 1A.\u201d. Regulation 3 Virtual Asset (Service Providers) (Amendment) Regulations, 2025 SL 19 of 2025\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Repeal and substitution of regulation 5 - fees 3. The principal Regulations are amended by repealing regulation 5 and substituting the following regulation \u2014 \u201cFees 5. The fees payable under the Act are set out in Schedule 2.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Insertion of Schedule 1A - application for licence 4. The principal Regulations are amended by inserting after Schedule 1 the following schedule \u2014 \u201cSCHEDULE 1A (regulation 4A) Application for Licence The relevant parts of this form are to be completed by applicants and shall be submitted with paragraphs A and B of the Application for Registration form completed (except where the applicant is already registered under the Act) and any additional information that is required to the Authority. PART A: APPLICANT\u2019S GENERAL INFORMATION A.1 Details of the current business activities, if any, and activities which the applicant intends to engage in that form the basis of this application including \u2014 (a) details of the activity which the applicant wishes to undertake and which requires licensing under the Virtual Asset (Service Providers) Act (2024 Revision); (b) a detailed proposal setting out the applicant\u2019s assets and liabilities at the end of each year for the two years following the submission of the application and an estimate of income for the same period; (c) particulars of the applicant\u2019s management structure and personnel; (d) a statement regarding the applicant\u2019s customer base; (e) a copy of the applicant\u2019s most recent balance sheet and details of the applicant\u2019s fee earnings, if any; and (f) the date on which the applicant proposes to commence carrying on the provision of virtual asset custody services or the operation of a virtual asset trading platform in or from within the Islands. A.2 The annual accounts, for the two years immediately preceding the year of application of each shareholder which is a body corporate holding more than ten per cent of the Virtual Asset (Service Providers) (Amendment) Regulations, 2025 Regulation 4 SL 19 of 2025 applicant\u2019s issued share capital or total voting rights, together with similar accounts for the parent body, if any, of each such body corporate. A.3 An organizational chart of the company ownership structure together with the names and addresses of the registered offices of all subsidiary companies of the applicant. (Where any of the entities within the company ownership structure, including the ultimate parent entity, is regulated, the name of the regulator shall be specified.) A.4 Information on, and evidence of, the applicant\u2019s fully paid-up capital and, if applicable, a statement as to how much of the capital of each subsidiary company constitutes an asset of the applicant. A.5 The name and address of the firm of auditors practising in the Islands and approved by the Authority that is appointed to audit the accounts of the applicant and \u2014 (a) a statement giving the date for the drawing up of the annual accounts of the applicant; and (b) evidence that the auditor has agreed to accept appointment. A.6 Any request for an exemption from the requirements of the Virtual Asset (Service Providers) Act (2024 Revision), these Regulations or any other regulatory law made by the applicant. A.7 A statement indicating whether the applicant intends to provide any other services which are regulated in the Islands. PART B: INFORMATION ON VIRTUAL ASSET CUSTODIAN This Part is to be completed by all applicants who wish to offer virtual asset custody services in or from within the Islands. B.1 Indicate the types and amounts of virtual assets which the applicant proposes to hold on behalf of clients and reasons for facilitating the safekeeping of these virtual assets. B.2 Provide an outline of strategy and measures in place for cybersecurity, risk management, the safeguard of virtual assets and internal controls within the business to prevent loss and theft. B.3 Provide the proposed marketing strategy. B.4 Provide the strategy to carry out any due diligence, money laundering, terrorism or proliferation financing risk mitigation processes to ensure compliance with the Regulation 4 Virtual Asset (Service Providers) (Amendment) Regulations, 2025 SL 19 of 2025 Virtual Asset (Service Providers) Act (2024 Revision) and the Proceeds of Crime Act (2024 Revision). B.5 Provide a copy of any agreement, contract or disclosure which will be used during the provision of virtual asset custody services, outlining all information that will be provided to the owners of the virtual assets including, but not limited to, fees, compensation structures, recourse available to the owners of the assets in event of loss and the method by which the owners may access the virtual assets. B.6 Provide the details of any insurance arrangements held by the applicant in the Islands or in another jurisdiction which relate to the provision of virtual asset custody services in the Islands. B.7 Provide information about contracts with affiliates or any other third parties regarding any services related to the provision of virtual asset custody services which will be outsourced or provided by a third party. B.8 Provide evidence of the availability to the applicant at all times of adequate professional knowledge and experience in the provision of virtual asset custody services and the names of at least two of its directors actively engaged in the business of the applicant, one of whom shall possess a sound professional knowledge of and experience in the provision of virtual asset custody services. B.9 Provide a statement indicating whether the applicant intends to provide virtual asset custody services to persons in the Islands. PART C: VIRTUAL ASSET TRADING PLATFORM OPERATORS This Part is to be completed by all applicants who wish to operate a virtual asset trading platform in or from within the Islands. C.1 Indicate the expected revenue of the virtual asset trading platform which the applicant wishes to operate. C.2 Indicate where physical hardware supporting the trading platform will be located. C.3 Provide the standard form agreements, contracts and disclosures which will be provided to the users of the virtual asset trading platform. Virtual Asset (Service Providers) (Amendment) Regulations, 2025 Regulation 4 SL 19 of 2025 C.4 Provide a statement setting out the management structure and governance of the virtual asset trading platform. C.5 Provide a list of virtual assets which will be listed, traded or exchanged by way of the virtual asset trading platform. C.6 Provide client agreements and terms by which each specific virtual asset will be listed, traded or exchanged on the virtual asset trading platform. C.7 Provide confirmation of, and reason for, any trading activity which will be conducted by the applicant on its own account using virtual assets which will be listed, traded or exchanged on the trading platform. C.8 Provide a statement regarding to whom the applicant\u2019s services will be marketed and offered, including the country of residence of the prospective clients. C.9 Provide a statement detailing any services which the virtual asset trading platform will be providing which are not considered virtual asset services. C.10 Provide a statement detailing the virtual asset trading platform\u2019s due diligence, measures to monitor money laundering, terrorism financing or proliferation financing. C.11 Provide an outline of strategy and measures in place for cybersecurity, risk management, the safeguarding of virtual assets and internal controls within the business to prevent loss and theft. C.12 Provide a detailed outline of the applicant\u2019s measures to identify and prevent conflicts of interest, insider trading or price manipulation. C.13 Provide any outsourcing agreements regarding any services relating to the virtual asset trading platform's operation. C.14 If the applicant will be providing lending, financing or leveraging of any kind to its clients, provide the proposed terms of these arrangements. C.15 Provide a statement outlining the proposed clearing and settlement process which will be utilized by the trading platform in order to perfect trades and exchanges. C.16 Provide a statement outlining the due diligence process which will be undertaken by the applicant when listing, trading or exchanging a new virtual asset. Regulation 4 Virtual Asset (Service Providers) (Amendment) Regulations, 2025 SL 19 of 2025 C.17 If the applicant will be facilitating the listing, trading or exchange of virtual asset securities, provide a description of the types of securities, disclosures to be provided to clients relating to these securities, and arrangements for and terms under which the securities will be listed on the trading platform. C.18 Evidence acceptable to the Authority of the availability to the applicant at all times of adequate professional knowledge and experience in the operating of a virtual asset trading platform and the names of at least two of its directors actively engaged in the business of the applicant, one of whom shall possess a sound professional knowledge of, and experience in, the operating of a virtual asset trading platform. C.19 A statement setting out whether persons in the Islands will be able to buy, sell, trade, exchange or list virtual assets on the trading platform. PART D: DECLARATION To be completed by the applicant. DECLARATION: To be signed and submitted by two senior officers of the applicant. I, ____________________________________________________, (full name, address and position) I,____________________________________________________, (full name, address and position) declare that we are duly authorised to make this application. We confirm that we have read and understood the provisions of the Virtual Asset (Service Providers) Act (2024 Revision) and the Regulations made under it and the Anti-Money Laundering Regulations (2025 Revision) and we declare that the business in respect of which this application is made will be conducted in accordance with the law. We declare the information provided in the application to be accurate in all material aspects to the best of our knowledge and belief. Signatures: Date: .\u201d. Virtual Asset (Service Providers) (Amendment) Regulations, 2025 Regulation 5 SL 19 of 2025 5. Repeal and substitution of Schedule 2 - fees 5. The principal Regulations are amended by repealing Schedule 2  and substituting the following schedule \u2014 \u201cSCHEDULE 2 (regulation 5) Virtual Asset Service Registration and Licence Fees Part 1 \u2013 Registration Item Description of Act Fee (KYD) 1. Application fee for registration (fee applies to all applications for registration) 6(1) $1,000 2. Fee for registration of a supervised person or person already registered under another regulatory law 5(2) $1,000 3. Fee for registration for a virtual asset service provider engaging in an issuance of virtual assets only (payable on approval of application for registration): 5(2) Category A Where the amount raised, or projected to be raised, by an issuer from the sale of newly created virtual assets is projected to be less than one million dollars, or its equivalent, and where \u2014 (a) the applicant wishes to issue virtual assets via a recognized exchange, licensed virtual assets trading platforms or an obliged entity only; or $1,500 Regulation 5 Virtual Asset (Service Providers) (Amendment) Regulations, 2025 SL 19 of 2025 (b) the applicant wishes to issue virtual assets directly to the public in this or another jurisdiction. $2,500 Category B Where the amount raised, or projected to be raised, by an issuer for the sale of newly created virtual assets is projected to equal or exceed one million dollars, or its equivalent, and \u2014 (a) the applicant wishes to issue virtual assets via a recognized exchange, a licensed virtual asset trading platform or an obliged entity; or $3,500 (b) the applicant wishes to issue virtual assets directly to persons in this or another jurisdiction. $5,500 4. Fee for registration of a virtual asset service provider that is providing virtual asset services not including the issuance of virtual assets (Fee payable on approval of the application for registration): 5(2) Category A A person who has generated or is projected to generate revenue of less than five hundred thousand dollars, or its equivalent, from the virtual asset service (or services) for which registration is required \u2014 (a) where the virtual asset service (or services) is being offered to persons within the Islands only; and $1,500 (b) where the virtual asset service (or services) is being offered to persons outside the Islands. $5,000 Virtual Asset (Service Providers) (Amendment) Regulations, 2025 Regulation 5 SL 19 of 2025 Category B A person who has generated, or who is projected to generate revenue of five hundred thousand dollars or more, or its equivalent, from the virtual asset service (or services) for which registration is required \u2014 (a) where the virtual asset service (or services) is being offered to persons within the Islands only; and $5,000 (b) where the virtual asset service (or services) is being offered to persons outside the Islands. $15,000 5. Annual renewal fee for a registered person that is engaging in an issuance of virtual assets only: (The amount of the fee is based on the category in which the Authority assesses the registered person to fall based on the revenue generated during the previous year and the type of virtual asset issuance.) 5(2) Category A Where the amount raised, or projected to be raised, by an issuer from the sale of newly created virtual assets is projected to be less than  one million dollars, or its equivalent, and\u2014 (a) the issuer wishes to issue virtual assets via a recognized exchange, licensed virtual assets trading platform or obliged entities only; or $1,500 (b) the issuer wishes to issue virtual assets directly to the public in this or another jurisdiction. $2,500 Regulation 5 Virtual Asset (Service Providers) (Amendment) Regulations, 2025 SL 19 of 2025 Category B Where the amount raised, or projected to be raised, by an issuer for the sale of newly created virtual assets is projected to equal or  exceed one million dollars, or its equivalent, and\u2014 (a) the issuer wishes to issue virtual assets via a recognized exchange, a licensed virtual asset trading platform or an obliged entity; or $3,500 (b) the issuer wishes to issue virtual assets directly to persons in this or another jurisdiction. $5,000\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Annual renewal fee for a registered person that is providing virtual asset services that does not include the issuance of virtual assets: (The amount of the fee is based on the category in which the Authority assesses the registered person to fall based on the revenue generated during the prior year and the type and delivery method of virtual asset service provided.) 5(5) Category A A registered person who has generated or is projected to generate revenue of less than five hundred thousand dollars, or its equivalent, from the virtual asset service or services for which registration is required \u2014 (a) where the virtual asset service (or services) is being offered to persons within the Islands only; and $1,500 (b) where the virtual asset service (or services) is being offered to persons outside the Islands. $5,000 Virtual Asset (Service Providers) (Amendment) Regulations, 2025 Regulation 5 SL 19 of 2025 Category B A registered person who has generated or who is expected to generate revenue equal to or exceeding five hundred thousand dollars, or its equivalent, from the virtual asset service or services for which registration is required \u2014 (a) where the virtual asset service (or services) is being offered to persons within the Islands only; and $5,000 (b) where the virtual asset service (or services) is being offered to persons outside the Islands. $15,000 Part 2 \u2013 Licence Item Description of the Act Fee (KYD) 1. Application fee for virtual asset service licence 5(1) $5,000 2. (a)   Fee for grant of virtual asset service provider licence, except virtual asset service provider under (b), for the provision of virtual asset custody services only (b)  Fee for grant of virtual asset service provider  licence for the provision of virtual asset custody services only where the virtual asset service provider is a local company as defined in section 2 of the Local Companies (Control) Act (2025 Revision) 5(2) 5(2) $30,000 $3,000 Regulation 5 Virtual Asset (Service Providers) (Amendment) Regulations, 2025 SL 19 of 2025 3. (a)   Fee for grant of virtual asset service licence for the operation of a virtual asset trading platform except for virtual asset service provider under (b) (b)   Fee for grant of virtual asset service licence for the operation of a virtual asset trading platform where the virtual asset service provider is a local company as defined in section 2 of the Local Companies (Control) Act (2025 Revision) 5(2) 5(2) $100,000 $10,000 4. Renewal fee for a licence granted under section 8(2) of the Act in respect of the following licensees: 5(5) Category A: (a) Licensee, except licensee under (b), that provides virtual asset custody services (excluding the operation of a trading platform) that generated revenue in the prior year of less than two million dollars, or its equivalent, from the provision of those virtual asset services (b) Licensee that is a local company as defined in section 2 of the Local Companies (Control ) Act (2025 Revision) that provides virtual asset custody services (excluding the operation of a trading platform) that generated revenue in the prior year of less than two million dollars, or its equivalent, from the provision of those virtual asset services $30,000 $3,000 Virtual Asset (Service Providers) (Amendment) Regulations, 2025 Regulation 5 SL 19 of 2025 Category B (a) Licensee, except licensee under (b), that provides virtual asset custody services (excluding the operation of a trading platform) that generated revenue in the prior year of two million dollars or more but less than ten million dollars, or its equivalent, from the provision of those virtual asset services (b) Licensee that is a local company as defined in section 2 of the Local Companies (Control ) Act (2025 Revision) that provides virtual asset custody services (excluding the operation of a trading platform) that generated revenue in the prior year of two million dollars  or more but less than ten million dollars, or its equivalent, from the provision of those virtual asset services $60,000 $6,000 Category C (a) Licensee, except licensee under (b), that provides virtual asset custody services (excluding the operation of a trading platform) that generated revenue in the prior year of ten million dollars or more, or its equivalent, from the provision of those virtual asset services (b) Licensee that is a local company as defined in section 2 of the Local Companies (Control ) Act (2025 Revision) that provides virtual asset custody services $120,000 $12,000 Regulation 5 Virtual Asset (Service Providers) (Amendment) Regulations, 2025 SL 19 of 2025 (excluding the operation of a trading platform) that generated revenue in the prior year of ten million dollars  or more, or its equivalent, from the provision of those virtual asset services Category D (a) Licensee, except licensee under (b), that operates a virtual asset trading platform that generated revenue in the prior year of less than five million dollars, or its equivalent, from the provision of those virtual asset services (b) Licensee that is a local company as defined in section 2 of the Local Companies (Control ) Act (2025 Revision) that operates a virtual asset trading platform that generated revenue in the prior year of less than five million dollars or its equivalent, from the provision of those virtual asset services $50,000 $5,000 Category E (a) Licensee, except licensee under (b), that operates a virtual asset trading platform that generated revenue in the prior year of five million dollars or more but less than twenty million dollars, or its equivalent, from the provision of those virtual asset services $100,000 Virtual Asset (Service Providers) (Amendment) Regulations, 2025 Regulation 5 SL 19 of 2025 (b) Licensee that is a local company as defined in section 2 of the Local Companies (Control ) Act (2025 Revision) that operates a virtual asset trading platform that generated revenue in the prior year of five million dollars or more but less than twenty million dollars, or its equivalent, from the provision of those virtual asset services $10,000 Category F (a) Licensee, except licensee under (b), that operates a virtual asset trading platform that generated revenue in the prior year of twenty million dollars or more, or its equivalent, from the provision of those virtual asset services (b) Licensee  that is a local company as defined in section 2 of the Local Companies (Control ) Act (2025 Revision) that operates a virtual asset trading platform and generated revenue in the prior year of twenty million dollars or more, or its equivalent, from the provision of those virtual asset services $200,000 $20,000.\u201d. Made in Cabinet the 25th day of February, 2025. 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fees ............................................................................6\n4.\nInsertion of Schedule 1A - application for licence .......................................................................6\n5.\nRepeal and substitution of Schedule 2 - fees ........................................................................... 11\n\nVirtual Asset (Service Providers) (Amendment) Regulations, 2025\nRegulation 1\n\nc\nSL 19 of 2025\nPage 5\n\nCAYMAN ISLANDS\n\nVirtual Asset (Service Providers) Act\n(2024 Revision)\nVIRTUAL ASSET (SERVICE PROVIDERS)\n(AMENDMENT) REGULATIONS, 2025\n (SL 19 of 2025)\nIn exercise of the powers conferred by section 39 of the Virtual Asset (Service Providers)\nAct (2024 Revision), the Cabinet, after consultation with the Authority, makes the\nfollowing Regulations \u2014\n1.\nCitation and commencement\n1.\n(1) These Regulations may be cited as the Virtual Asset (Service Providers)\n(Amendment) Regulations, 2025.\n(2) These Regulations come into force immediately after the Virtual Asset (Service\nProviders) (Amendment) Act, 2024 comes into force.\n2.\nInsertion of regulation 4A in the Virtual Asset (Service Providers)\nRegulations, 2020 - application for licence\n2.\nThe Virtual Asset (Service Providers) Regulations, 2020, in these Regulations\nreferred to as the \u201cprincipal Regulations\u201d, are amended by inserting after regulation\n4 the following regulation \u2014\n\u201cApplication for licence\n4A. An application for a licence under section 8(1) of the Act shall be made to\nthe Authority in the form set out in Schedule 1A.\u201d.\n\nRegulation 3\nVirtual Asset (Service Providers) (Amendment) Regulations, 2025\n\nPage 6\nSL 19 of 2025\nc\n\n3.\nRepeal and substitution of regulation 5 - fees\n3.\nThe principal Regulations are amended by repealing regulation 5 and substituting the\nfollowing regulation \u2014\n\u201cFees\n5.\nThe fees payable under the Act are set out in Schedule 2.\u201d.\n4.\nInsertion of Schedule 1A - application for licence\n4.\nThe principal Regulations are amended by inserting after Schedule 1 the following\nschedule \u2014\n\u201cSCHEDULE 1A\n(regulation 4A)\nApplication for Licence\nThe relevant parts of this form are to be completed by applicants and shall be submitted\nwith paragraphs A and B of the Application for Registration form completed (except where\nthe applicant is already registered under the Act) and any additional information that is\nrequired to the Authority.\n\nPART A: APPLICANT\u2019S GENERAL INFORMATION\n\nA.1 Details of the current business activities, if any, and activities which the applicant\nintends to engage in that form the basis of this application including \u2014\n(a)\ndetails of the activity which the applicant wishes to undertake and which\nrequires licensing under the Virtual Asset (Service Providers) Act (2024\nRevision);\n(b) a detailed proposal setting out the applicant\u2019s assets and liabilities at the\nend of each year for the two years following the submission of the\napplication and an estimate of income for the same period;\n(c)\nparticulars of the applicant\u2019s management structure and personnel;\n(d) a statement regarding the applicant\u2019s customer base;\n(e)\na copy of the applicant\u2019s most recent balance sheet and details of the\napplicant\u2019s fee earnings, if any; and\n(f)\nthe date on which the applicant proposes to commence carrying on the\nprovision of virtual asset custody services or the operation of a virtual asset\ntrading platform in or from within the Islands.\nA.2 The annual accounts, for the two years immediately preceding the year of application\nof each shareholder which is a body corporate holding more than ten per cent of the\n\nVirtual Asset (Service Providers) (Amendment) Regulations, 2025\nRegulation 4\n\nc\nSL 19 of 2025\nPage 7\n\napplicant\u2019s issued share capital or total voting rights, together with similar accounts\nfor the parent body, if any, of each such body corporate.\nA.3 An organizational chart of the company ownership structure together with the names\nand addresses of the registered offices of all subsidiary companies of the applicant.\n(Where any of the entities within the company ownership structure, including the\nultimate parent entity, is regulated, the name of the regulator shall be specified.)\nA.4 Information on, and evidence of, the applicant\u2019s fully paid-up capital and, if\napplicable, a statement as to how much of the capital of each subsidiary company\nconstitutes an asset of the applicant.\nA.5 The name and address of the firm of auditors practising in the Islands and approved\nby the Authority that is appointed to audit the accounts of the applicant and \u2014\n(a)\n a statement giving the date for the drawing up of the annual accounts of\nthe applicant; and\n(b) evidence that the auditor has agreed to accept appointment.\nA.6 Any request for an exemption from the requirements of the Virtual Asset (Service\nProviders) Act (2024 Revision), these Regulations or any other regulatory law made\nby the applicant.\nA.7 A statement indicating whether the applicant intends to provide any other services\nwhich are regulated in the Islands.\n\nPART B: INFORMATION ON VIRTUAL ASSET CUSTODIAN\nThis Part is to be completed by all applicants who wish to offer virtual asset custody\nservices in or from within the Islands.\n\nB.1 Indicate the types and amounts of virtual assets which the applicant proposes to hold\non behalf of clients and reasons for facilitating the safekeeping of these virtual assets.\nB.2 Provide an outline of strategy and measures in place for cybersecurity, risk\nmanagement, the safeguard of virtual assets and internal controls within the business\nto prevent loss and theft.\nB.3 Provide the proposed marketing strategy.\nB.4 Provide the strategy to carry out any due diligence, money laundering, terrorism or\nproliferation financing risk mitigation processes to ensure compliance with the\n\nRegulation 4\nVirtual Asset (Service Providers) (Amendment) Regulations, 2025\n\nPage 8\nSL 19 of 2025\nc\n\nVirtual Asset (Service Providers) Act (2024 Revision) and the Proceeds of Crime Act\n(2024 Revision).\nB.5 Provide a copy of any agreement, contract or disclosure which will be used during\nthe provision of virtual asset custody services, outlining all information that will be\nprovided to the owners of the virtual assets including, but not limited to, fees,\ncompensation structures, recourse available to the owners of the assets in event of\nloss and the method by which the owners may access the virtual assets.\nB.6 Provide the details of any insurance arrangements held by the applicant in the Islands\nor in another jurisdiction which relate to the provision of virtual asset custody services\nin the Islands.\nB.7 Provide information about contracts with affiliates or any other third parties regarding\nany services related to the provision of virtual asset custody services which will be\noutsourced or provided by a third party.\nB.8 Provide evidence of the availability to the applicant at all times of adequate\nprofessional knowledge and experience in the provision of virtual asset custody\nservices and the names of at least two of its directors actively engaged in the business\nof the applicant, one of whom shall possess a sound professional knowledge of and\nexperience in the provision of virtual asset custody services.\nB.9 Provide a statement indicating whether the applicant intends to provide virtual asset\ncustody services to persons in the Islands.\nPART C: VIRTUAL ASSET TRADING PLATFORM OPERATORS\nThis Part is to be completed by all applicants who wish to operate a virtual asset trading\nplatform in or from within the Islands.\nC.1 Indicate the expected revenue of the virtual asset trading platform which the applicant\nwishes to operate.\nC.2 Indicate where physical hardware supporting the trading platform will be located.\nC.3 Provide the standard form agreements, contracts and disclosures which will be\nprovided to the users of the virtual asset trading platform.\n\nVirtual Asset (Service Providers) (Amendment) Regulations, 2025\nRegulation 4\n\nc\nSL 19 of 2025\nPage 9\n\nC.4 Provide a statement setting out the management structure and governance of the\nvirtual asset trading platform.\nC.5 Provide a list of virtual assets which will be listed, traded or exchanged by way of the\nvirtual asset trading platform.\nC.6 Provide client agreements and terms by which each specific virtual asset will be\nlisted, traded or exchanged on the virtual asset trading platform.\nC.7 Provide confirmation of, and reason for, any trading activity which will be conducted\nby the applicant on its own account using virtual assets which will be listed, traded or\nexchanged on the trading platform.\nC.8 Provide a statement regarding to whom the applicant\u2019s services will be marketed and\noffered, including the country of residence of the prospective clients.\nC.9 Provide a statement detailing any services which the virtual asset trading platform\nwill be providing which are not considered virtual asset services.\nC.10 Provide a statement detailing the virtual asset trading platform\u2019s due diligence,\nmeasures to monitor money laundering, terrorism financing or proliferation\nfinancing.\nC.11 Provide an outline of strategy and measures in place for cybersecurity, risk\nmanagement, the safeguarding of virtual assets and internal controls within the\nbusiness to prevent loss and theft.\nC.12 Provide a detailed outline of the applicant\u2019s measures to identify and prevent conflicts\nof interest, insider trading or price manipulation.\nC.13 Provide any outsourcing agreements regarding any services relating to the virtual\nasset trading platform's operation.\nC.14 If the applicant will be providing lending, financing or leveraging of any kind to its\nclients, provide the proposed terms of these arrangements.\nC.15 Provide a statement outlining the proposed clearing and settlement process which will\nbe utilized by the trading platform in order to perfect trades and exchanges.\nC.16 Provide a statement outlining the due diligence process which will be undertaken by\nthe applicant when listing, trading or exchanging a new virtual asset.\n\nRegulation 4\nVirtual Asset (Service Providers) (Amendment) Regulations, 2025\n\nPage 10\nSL 19 of 2025\nc\n\nC.17 If the applicant will be facilitating the listing, trading or exchange of virtual asset\nsecurities, provide a description of the types of securities, disclosures to be provided\nto clients relating to these securities, and arrangements for and terms under which the\nsecurities will be listed on the trading platform.\nC.18 Evidence acceptable to the Authority of the availability to the applicant at all times\nof adequate professional knowledge and experience in the operating of a virtual asset\ntrading platform and the names of at least two of its directors actively engaged in the\nbusiness of the applicant, one of whom shall possess a sound professional knowledge\nof, and experience in, the operating of a virtual asset trading platform.\nC.19 A statement setting out whether persons in the Islands will be able to buy, sell, trade,\nexchange or list virtual assets on the trading platform.\nPART D: DECLARATION\nTo be completed by the applicant.\n\nDECLARATION:\nTo be signed and submitted by two senior officers of the applicant.\n\nI, ____________________________________________________,\n(full name, address and position)\n\nI,____________________________________________________,\n(full name, address and position)\n\ndeclare that we are duly authorised to make this application. We confirm that we have read\nand understood the provisions of the Virtual Asset (Service Providers) Act (2024 Revision)\nand the Regulations made under it and the Anti-Money Laundering Regulations (2025\nRevision) and we declare that the business in respect of which this application is made will\nbe conducted in accordance with the law. We declare the information provided in the\napplication to be accurate in all material aspects to the best of our knowledge and belief.\n\nSignatures:\n\nDate:\n\n.\u201d.\n\nVirtual Asset (Service Providers) (Amendment) Regulations, 2025\nRegulation 5\n\nc\nSL 19 of 2025\nPage 11\n\n5.\nRepeal and substitution of Schedule 2 - fees\n5.\nThe principal Regulations are amended by repealing Schedule 2  and substituting the\nfollowing schedule \u2014\n\u201cSCHEDULE 2\n(regulation 5)\nVirtual Asset Service Registration and Licence Fees\n\nPart 1 \u2013 Registration\n\nItem\nDescription\nSection\nof Act\nFee (KYD)\n1.\nApplication fee for registration (fee applies\nto all applications for registration)\n6(1)\n$1,000\n2.\nFee for registration of a supervised person\nor person already registered under another\nregulatory law\n5(2)\n$1,000\n3.\nFee for registration for a virtual\nasset service provider engaging in an\nissuance of virtual assets only (payable on\napproval of application for registration):\n5(2)\n\nCategory A\nWhere the amount raised, or projected to be\nraised, by an issuer from the sale of newly\ncreated virtual assets is projected to be less\nthan one million dollars, or its equivalent,\nand where \u2014\n\n(a) the applicant wishes to issue\nvirtual assets via a recognized\nexchange, licensed virtual assets\ntrading platforms or an obliged\nentity only; or\n\n$1,500\n\nRegulation 5\nVirtual Asset (Service Providers) (Amendment) Regulations, 2025\n\nPage 12\nSL 19 of 2025\nc\n\n(b) the applicant wishes to issue\nvirtual assets directly to the public\nin this or another jurisdiction.\n\n$2,500\n\nCategory B\nWhere the amount raised, or projected to be\nraised, by an issuer for the sale of newly\ncreated virtual assets is projected to equal\nor exceed one million dollars, or its\nequivalent, and \u2014\n\n(a) the applicant wishes to issue\nvirtual assets via a recognized\nexchange, a licensed virtual asset\ntrading platform or an obliged\nentity; or\n\n$3,500\n\n(b) the applicant wishes to issue\nvirtual assets directly to persons in\nthis or another jurisdiction.\n\n$5,500\n4.\nFee for registration of a virtual asset service\nprovider that is providing virtual asset\nservices not including the issuance of\nvirtual assets (Fee payable on approval of\nthe application for registration):\n5(2)\n\nCategory A\nA person who has generated or is projected\nto generate revenue of less than five\nhundred thousand dollars, or its equivalent,\nfrom the virtual asset service (or services)\nfor which registration is required \u2014\n\n(a) where the virtual asset service (or\nservices) is being offered to\npersons within the Islands only;\nand\n\n$1,500\n\n(b) where the virtual asset service (or\nservices) is being offered to\npersons outside the Islands.\n\n$5,000\n\nVirtual Asset (Service Providers) (Amendment) Regulations, 2025\nRegulation 5\n\nc\nSL 19 of 2025\nPage 13\n\nCategory B\nA person who has generated, or who is\nprojected to generate revenue of five\nhundred thousand dollars or more, or its\nequivalent, from the virtual asset service (or\nservices)\nfor\nwhich\nregistration\nis\nrequired \u2014\n\n(a) where the virtual asset service (or\nservices) is being offered to\npersons within the Islands only;\nand\n\n$5,000\n\n(b) where the virtual asset service (or\nservices) is being offered to\npersons outside the Islands.\n\n$15,000\n5.\nAnnual renewal fee for a registered person\nthat is engaging in an issuance of virtual\nassets only:\n(The amount of the fee is based on the\ncategory in which the Authority assesses\nthe registered person to fall based on the\nrevenue generated during the previous year\nand the type of virtual asset issuance.)\n5(2)\n\nCategory A\nWhere the amount raised, or projected to be\nraised, by an issuer from the sale of newly\ncreated virtual assets is projected to be less\nthan  one million dollars, or its equivalent,\nand\u2014\n\n(a) the issuer wishes to issue virtual\nassets via a recognized exchange,\nlicensed virtual assets trading\nplatform or obliged entities only;\nor\n\n$1,500\n\n(b) the issuer wishes to issue virtual\nassets directly to the public in this\nor another jurisdiction.\n\n$2,500\n\nRegulation 5\nVirtual Asset (Service Providers) (Amendment) Regulations, 2025\n\nPage 14\nSL 19 of 2025\nc\n\nCategory B\nWhere the amount raised, or projected to be\nraised, by an issuer for the sale of newly\ncreated virtual assets is projected to equal\nor  exceed one million dollars, or its\nequivalent, and\u2014\n\n(a) the issuer wishes to issue virtual\nassets via a recognized exchange,\na licensed virtual asset trading\nplatform or an obliged entity; or\n\n$3,500\n\n(b) the issuer wishes to issue virtual\nassets directly to persons in this or\nanother jurisdiction.\n\n$5,000\n6.\nAnnual renewal fee for a registered person\nthat is providing virtual asset services that\ndoes not include the issuance of virtual\nassets:\n(The amount of the fee is based on the\ncategory in which the Authority assesses\nthe registered person to fall based on the\nrevenue generated during the prior year and\nthe type and delivery method of virtual\nasset service provided.)\n5(5)\n\nCategory A\nA registered person who has generated or is\nprojected to generate revenue of less than\nfive hundred thousand dollars, or its\nequivalent, from the virtual asset service or\nservices\nfor\nwhich\nregistration\nis\nrequired \u2014\n\n(a)\nwhere the virtual asset service (or\nservices) is being offered to persons\nwithin the Islands only; and\n\n$1,500\n\n(b) where the virtual asset service (or\nservices) is being offered to persons\noutside the Islands.\n\n$5,000\n\nVirtual Asset (Service Providers) (Amendment) Regulations, 2025\nRegulation 5\n\nc\nSL 19 of 2025\nPage 15\n\nCategory B\nA registered person who has generated or\nwho is expected to generate revenue equal\nto or exceeding five hundred thousand\ndollars, or its equivalent, from the virtual\nasset service or services for which\nregistration is required \u2014\n\n(a)\nwhere the virtual asset service (or\n\nservices) is being offered to persons\n\nwithin the Islands only; and\n\n$5,000\n\n(b) where the virtual asset service (or\n\nservices) is being offered to persons\n\noutside the Islands.\n\n$15,000\n\nPart 2 \u2013 Licence\n\nItem\nDescription\nSection\nof the\nAct\nFee (KYD)\n1.\nApplication fee for virtual asset service\nlicence\n\n5(1)\n$5,000\n2.\n(a)   Fee for grant of virtual asset service\nprovider licence, except virtual asset\nservice provider under (b), for the\nprovision of virtual asset custody\nservices only\n\n(b)  Fee for grant of virtual asset service\nprovider  licence for the provision of\nvirtual asset custody services only\nwhere the virtual asset service\nprovider is a local company as defined\nin section 2 of the Local Companies\n(Control) Act (2025 Revision)\n\n5(2)\n\n5(2)\n$30,000\n\n$3,000\n\nRegulation 5\nVirtual Asset (Service Providers) (Amendment) Regulations, 2025\n\nPage 16\nSL 19 of 2025\nc\n\n3.\n(a)   Fee for grant of virtual asset service\nlicence for the operation of a virtual\nasset trading platform except for\nvirtual asset service provider under\n(b)\n\n(b)   Fee for grant of virtual asset service\nlicence for the operation of a virtual\nasset trading platform where the\nvirtual asset service provider is a local\ncompany as defined in section 2 of the\nLocal Companies (Control) Act (2025\nRevision)\n\n5(2)\n\n5(2)\n$100,000\n\n$10,000\n4.\nRenewal fee for a licence granted under\nsection 8(2) of the Act in respect of the\nfollowing licensees:\n5(5)\n\nCategory A:\n(a) Licensee, except licensee under\n(b), that provides virtual asset\ncustody services (excluding the\noperation of a trading platform)\nthat generated revenue in the\nprior year of less than two million\ndollars, or its equivalent, from the\nprovision of those virtual asset\nservices\n(b) Licensee that is a local company\nas defined in section 2 of the\nLocal Companies (Control ) Act\n(2025 Revision) that provides\nvirtual asset custody services\n(excluding the operation of a\ntrading platform) that generated\nrevenue in the prior year of less\nthan two million dollars, or its\nequivalent, from the provision of\nthose virtual asset services\n\n$30,000\n\n$3,000\n\nVirtual Asset (Service Providers) (Amendment) Regulations, 2025\nRegulation 5\n\nc\nSL 19 of 2025\nPage 17\n\nCategory B\n(a) Licensee, except licensee under\n(b), that provides virtual asset\ncustody services (excluding the\noperation of a trading platform)\nthat generated revenue in the prior\nyear of two million dollars or\nmore but less than ten million\ndollars, or its equivalent, from the\nprovision of those virtual asset\nservices\n(b) Licensee that is a local company\nas defined in section 2 of the\nLocal Companies (Control ) Act\n(2025 Revision) that provides\nvirtual asset custody services\n(excluding the operation of a\ntrading platform) that generated\nrevenue in the prior year of two\nmillion dollars  or more but less\nthan ten million dollars, or its\nequivalent, from the provision of\nthose virtual asset services\n\n$60,000\n\n$6,000\n\nCategory C\n(a) Licensee, except licensee under\n(b), that provides virtual asset\ncustody services (excluding the\noperation of a trading platform)\nthat generated revenue in the\nprior year of ten million dollars or\nmore, or its equivalent, from the\nprovision of those virtual asset\nservices\n(b) Licensee that is a local company\nas defined in section 2 of the\nLocal Companies (Control ) Act\n(2025 Revision) that provides\nvirtual asset custody services\n\n$120,000\n\n$12,000\n\nRegulation 5\nVirtual Asset (Service Providers) (Amendment) Regulations, 2025\n\nPage 18\nSL 19 of 2025\nc\n\n(excluding the operation of a\ntrading platform) that generated\nrevenue in the prior year of ten\nmillion dollars  or more, or its\nequivalent, from the provision of\nthose virtual asset services\n\nCategory D\n\n(a) Licensee, except licensee under\n(b), that operates a virtual asset\ntrading platform that generated\nrevenue in the prior year of less\nthan five million dollars, or its\nequivalent, from the provision of\nthose virtual asset services\n(b) Licensee that is a local company\nas defined in section 2 of the Local\nCompanies (Control ) Act (2025\nRevision) that operates a virtual\nasset\ntrading\nplatform\nthat\ngenerated revenue in the prior year\nof less than five million dollars or\nits equivalent, from the provision\nof those virtual asset services\n\n$50,000\n\n$5,000\n\nCategory E\n(a) Licensee, except licensee under\n(b), that operates a virtual asset\ntrading platform that generated\nrevenue in the prior year of five\nmillion dollars or more but less\nthan twenty million dollars, or its\nequivalent, from the provision of\nthose virtual asset services\n\n$100,000\n\nVirtual Asset (Service Providers) (Amendment) Regulations, 2025\nRegulation 5\n\nc\nSL 19 of 2025\nPage 19\n\n(b) Licensee that is a local company\nas defined in section 2 of the Local\nCompanies (Control ) Act (2025\nRevision) that operates a virtual\nasset\ntrading\nplatform\nthat\ngenerated revenue in the prior year\nof five million dollars or more but\nless than twenty million dollars, or\nits equivalent, from the provision\nof those virtual asset services\n\n$10,000\n\nCategory F\n(a) Licensee, except licensee under\n(b), that operates a virtual asset\ntrading platform that generated\nrevenue in the prior year of twenty\nmillion dollars or more, or its\nequivalent, from the provision of\nthose virtual asset services\n(b) Licensee  that is a local company\nas defined in section 2 of the Local\nCompanies (Control ) Act (2025\nRevision) that operates a virtual\nasset\ntrading\nplatform\nand\ngenerated revenue in the prior year\nof twenty million dollars or more,\nor\nits\nequivalent,\nfrom\nthe\nprovision of those virtual asset\nservices\n\n$200,000\n\n$20,000.\u201d.\n\nMade in Cabinet the 25th day of February, 2025.\n\nKim Bullings\nClerk of the Cabinet","akn_extracted_at":"2026-06-22 15:42:15.520837+00","cms_id":"2025-0019","law_type":"amending","year":"2025","number":"19","title":"Virtual Asset (Service Providers) (Amendment) Regulations, 2025 (SL 19 of 2025)","status":"in_force"},"provenance":{"files":[{"file_id":"6848","expr_id":"2070","kind":"akn_xml","filename":"2025-0019.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2025\/2025-0019\/2025-0019.akn.xml","content_md5":"e64ee69e01a94eaa4836d381b30ec7c5","byte_size":"26441","http_last_modified":null,"fetched_at":"2026-06-22 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