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Clause 1 provides the short title of the legislation and the commencement provisions. Clause 2 amends section 2 of the principal Law to amend the definition of the term \u201cobliged entity\u201d to include as an obliged entity, a financial institution that provides a virtual asset service that is licensed or registered and is supervised for virtual asset services by a government regulatory body in another non-high-risk jurisdiction. Clause 3 amends section 7 of the principal Law to clarify the requirements for a registered person in relation to the issuance of virtual assets. Clause 4 amends section 9 of the principal Law to include the requirement for a virtual asset service provider to be registered under the Securities Investment Business Law (2020 Revision) in order to engage in securities investment business. Clause 5 amends section 15 of the Law to require an existing licensee to comply with any relevant provisions of the Law as the Authority may require. Clause 6 amends section 39 of the principal Law to give the Cabinet the power to make Regulations to provide for savings, transitional and consequential provisions. Virtual Asset (Service Providers) (Amendment) Bill, 2020 Arrangement of Clauses Introduced VIRTUAL ASSET (SERVICE PROVIDERS) (AMENDMENT) BILL, 2020 Arrangement of Clauses Clause 1.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 2 of the Virtual Asset (Service Providers) Law, 2020 - 3. 4. 5.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Virtual Asset (Service Providers) (Amendment) Bill, 2020 Clause 1 Introduced VIRTUAL ASSET (SERVICE PROVIDERS) (AMENDMENT) BILL, 2020 A BILL FOR A LAW TO AMEND THE VIRTUAL ASSET (SERVICE PROVIDERS) LAW, 2020 TO PROVIDE FOR SAVINGS AND TRANSITIONAL MATTERS; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title and commencement 1. (1) This Law may be cited as the Virtual Asset (Service Providers) (Amendment) 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. 2. Amendment of section 2 of the Virtual Asset (Service Providers) Law, 2020 - interpretation 2. The Virtual Asset (Service Providers) Law, 2020 in this Law referred to as the \u201cprincipal Law\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.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 7 - registered person: virtual asset issuance 3. The principal Law is amended in section 7 as follows \u2014 Clause 4 Virtual Asset (Service Providers) (Amendment) Bill, 2020 Introduced (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 Law 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 Law 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 Law as the Authority may require.\u201d. Virtual Asset (Service Providers) (Amendment) Bill, 2020 Clause 6 Introduced 6. Amendment of section 39  - regulations 6. The principal Law is amended in section 39 by inserting after subsection (3), the following subsections \u2014 \u201c(4) Regulations made under this Law may provide for such savings, transitional and consequential provisions to have effect in connection with the coming into operation of any provision of this Law 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. (6) Regulations which are given retrospective operation shall not \u2014 (a) affect in a prejudicial manner, rights existing before the date on which those regulations come into force; or (b) impose liabilities in respect of anything done or omitted to be done before the date on which those regulations come into force.\u201d. Passed by the Legislative Assembly the       day of                             , 2020. 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AND FOR\nINCIDENTAL AND CONNECTED PURPOSES\n\n\u2000\n\nPage 2\nIntroduced\nc\n\nPUBLISHING DETAILS\nSponsoring Ministry\/Portfolio: Ministry of Financial Services and Home Affairs\n(FSHA)\n\nVirtual Asset (Service Providers) (Amendment) Bill, 2020\nObjects and Reasons\n\nc\nIntroduced\nPage 3\n\nMemorandum of\nOBJECTS AND REASONS\nThe Bill seeks to amend the Virtual Asset (Service Providers) Law, 2020 (\u201cprincipal Law\u201d)\nto provide for savings and transitional matters and for incidental and connected purposes.\nClause 1 provides the short title of the legislation and the commencement provisions.\nClause 2 amends section 2 of the principal Law to amend the definition of the term \u201cobliged\nentity\u201d to include as an obliged entity, a financial institution that provides a virtual asset\nservice that is licensed or registered and is supervised for virtual asset services by a\ngovernment regulatory body in another non-high-risk jurisdiction.\nClause 3 amends section 7 of the principal Law to clarify the requirements for a registered\nperson in relation to the issuance of virtual assets.\nClause 4 amends section 9 of the principal Law to include the requirement for a virtual\nasset service provider to be registered under the Securities Investment Business Law (2020\nRevision) in order to engage in securities investment business.\nClause 5 amends section 15 of the Law to require an existing licensee to comply with any\nrelevant provisions of the Law as the Authority may require.\nClause 6 amends section 39 of the principal Law to give the Cabinet the power to make\nRegulations to provide for savings, transitional and consequential provisions.\n\nVirtual Asset (Service Providers) (Amendment) Bill, 2020\nArrangement of Clauses\n\nc\nIntroduced\nPage 5\n\nCAYMAN ISLANDS\n\nVIRTUAL ASSET (SERVICE PROVIDERS)\n(AMENDMENT) BILL, 2020\n\nArrangement of Clauses\nClause\nPage\n1.\nShort title and commencement ..................................................................................................7\n2.\nAmendment of section 2 of the Virtual Asset (Service Providers) Law, 2020 -\ninterpretation..............................................................................................................................7\n3.\nAmendment of section 7 - registered person: virtual asset issuance ..........................................7\n4.\nAmendment of section 9 - general requirements for virtual asset service providers ....................8\n5.\nAmendment of section 15 - notice by existing licensee ..............................................................8\n6.\nAmendment of section 39  - regulations .....................................................................................9\n\nVirtual Asset (Service Providers) (Amendment) Bill, 2020\nClause 1\n\nc\nIntroduced\nPage 7\n\nCAYMAN ISLANDS\n\nVIRTUAL ASSET (SERVICE PROVIDERS)\n(AMENDMENT) BILL, 2020\nA BILL FOR A LAW TO AMEND THE VIRTUAL ASSET (SERVICE PROVIDERS) LAW,\n2020 TO PROVIDE FOR SAVINGS AND TRANSITIONAL MATTERS; AND FOR\nINCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title and commencement\n1.\n(1) This Law may be cited as the Virtual Asset (Service Providers) (Amendment)\nLaw, 2020.\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 Virtual Asset (Service Providers) Law, 2020 -\ninterpretation\n2.\nThe Virtual Asset (Service Providers) Law, 2020 in this Law referred to as the\n\u201cprincipal Law\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.\n3.\nAmendment of section 7 - registered person: virtual asset issuance\n3.\nThe principal Law is amended in section 7 as follows \u2014\n\nClause 4\nVirtual Asset (Service Providers) (Amendment) Bill, 2020\n\nPage 8\nIntroduced\nc\n\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 Law 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 Law 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 Law as the Authority may require.\u201d.\n\nVirtual Asset (Service Providers) (Amendment) Bill, 2020\nClause 6\n\nc\nIntroduced\nPage 9\n\n6.\nAmendment of section 39  - regulations\n6.\nThe principal Law is amended in section 39 by inserting after subsection (3), the\nfollowing subsections \u2014\n\u201c(4) Regulations made under this Law may provide for such savings,\ntransitional and consequential provisions to have effect in connection\nwith the coming into operation of any provision of this Law 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 Legislative Assembly the       day of                             , 2020.\n\nSpeaker\n\nClerk of the Legislative Assembly","akn_extracted_at":"2026-06-22 15:41:46.06899+00","cms_id":"2020-0057","law_type":"bill","year":"2020","number":"57","title":"Legal Services Act","status":"bill"},"provenance":{"files":[{"file_id":"7054","expr_id":"2255","kind":"akn_xml","filename":"2020-0057.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2020\/2020-0057\/2020-0057.akn.xml","content_md5":"b01ffcc25f8d3afd828e63d3fff7d6fe","byte_size":"8699","http_last_modified":null,"fetched_at":"2026-06-22 15:41:46.129749+00"},{"file_id":"4509","expr_id":"2255","kind":"pristine_pdf","filename":"2020-0057.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2020\/2020-0057\/2020-0057.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/BILLS\/2020\/2020-0057\/2020-0057.pdf","content_md5":"109879c92a5c81ab7e4ac47e3ee41b7c","byte_size":"670320","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.322131+00"},{"file_id":"4510","expr_id":"2255","kind":"working_pdf","filename":"2020-0057.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2020\/2020-0057\/2020-0057.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2020\/2020-0057\/2020-0057.pdf","content_md5":"109879c92a5c81ab7e4ac47e3ee41b7c","byte_size":"670320","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.322131+00"}],"paragraph_count":15,"latest_history":null},"quality":{"expr_id":"2255","doc_id":"2255","quality_state":"known_issue","quality_score":"47","needs_human_review":"t","deterministic_categories":"{commencement_metadata_problem,duplicate_text,page_header_footer_noise,title_mismatch}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_commencement_metadata,verify_title_metadata}","finding_severity_counts":"{\"low\": 1, \"high\": 1, \"medium\": 2}","finding_summary":"stored title is not visible in the opening extracted text; 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