{"kind":"expression","expression":{"expr_id":"590","doc_id":"590","label":"SL 138 of 2020","is_as_enacted":"t","commenced_on":null,"superseded_on":null,"valid_from":null,"valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/sl\/2020\/138\/eng@2020-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/sl\/2020\/138\", \"expression\": \"\/akn\/ky\/act\/sl\/2020\/138\/eng@2020-01-01\", \"manifestation\": \"\/akn\/ky\/act\/sl\/2020\/138\/eng@2020-01-01.pdf\"}, \"pdf\": {\"md5\": \"c8a58370895cb03ffdde0df35c07911a\", \"path\": \"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2020\/2020-0138\/2020-0138_SL 138 of 2020.pdf\", \"pages\": 20, \"filename\": \"2020-0138_SL 138 of 2020.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 2879, \"paragraph_count\": 7, \"text_char_count\": 18688}, \"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) Law, 2020 (Law 14 of 2020) VIRTUAL ASSET (SERVICE PROVIDERS) REGULATIONS, 2020 (SL 138 of 2020) SL 138 of 2020 PUBLISHING DETAILS Arrangement of Regulations SL 138 of 2020 Virtual Asset (Service Providers) Law, 2020 VIRTUAL ASSET (SERVICE PROVIDERS) REGULATIONS, 2020 (SL 138 of 2020) Arrangement of Regulations Regulation 1. 2. 3.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"SCHEDULE 1 SCHEDULE 2 Regulation 1 SL 138 of 2020 Virtual Asset (Service Providers) Law, 2020 (Law 14 of 2020) VIRTUAL ASSET (SERVICE PROVIDERS) REGULATIONS, 2020 (SL 138 of 2020) In exercise of the powers conferred by section 39 of the Virtual Asset (Service Providers) Law, 2020 the Cabinet, after consultation with the Authority, makes the following Regulations \u2014\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Citation 1. These Regulations may be cited as the Virtual Asset (Service Providers) Regulations, 2020.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Definitions 2. In these Regulations \u2014 \u201cAnti-Money Laundering Compliance Officer\u201d has the meaning assigned in regulation 2(1) of the Anti-Money Laundering Regulations (2020 Revision); \u201cDeputy Money Laundering Reporting Officer\u201d has the meaning assigned in regulation 2(1) of the Anti-Money Laundering Regulations (2020 Revision); \u201cMoney Laundering Reporting Officer\u201d has the meaning assigned in regulation 2(1) of the Anti-Money Laundering Regulations (2020 Revision); and \u201cunderlying asset\u201d includes precious metal and fiat currency. Regulation 3 SL 138 of 2020\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Decisions by the Authority regarding the issuance of virtual assets 3. (1) The Authority, in making a decision whether a sale of virtual assets is a sale of newly created virtual assets to the public, in or from within the Islands, shall do so by assessing whether \u2014 (a) the sale, or offer for sale, of the respective virtual assets will be advertised to persons or entities in the Islands by way of any promotional material, announcement or statement in such manner as to make the advertisement directed to, or accessible by, persons or entities in the Islands and persons or entities in the Islands will be able to participate in the issuance by purchasing the respective virtual assets either \u2014 (i) directly from the person or entity offering the virtual assets; or (ii) indirectly by way of a third party which has been engaged to facilitate the sale of the virtual assets; (b) a person or entity listed in section 3(1) of the Law is offering newly created virtual assets for sale from within the Islands where the sale, or offer for sale, of newly created virtual assets will not be advertised to persons or entities in the Islands and persons and entities in the Islands will not be able to participate in the issuance; or (c) the sale, or offer for sale, of newly created virtual assets is a sale to the public and not a private sale. (2) The third party referred to in paragraph (1)(a)(ii) is a person or entity who is engaged by the issuer to facilitate the sale of newly created virtual assets and is compensated either directly or indirectly for the sale, distribution, transfer or disposal of newly created virtual assets which are the subject of the issuance. (3) For the purposes of paragraph (1)(c), \u201cprivate sale\u201d means a sale, or offer for sale, which is not advertised and is made available to a limited number of persons or entities who are selected prior to the sale by way of a private agreement. 4. Application for registration 4. An application for registration under section 6(1) of the Law shall be made to the Authority in the form set out in Schedule 1. Fees\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"The fees payable for applications made under the Law are set out in Schedule 2. SCHEDULE 1 SL 138 of 2020 SCHEDULE 1 (regulation 4) Application for Registration All parts of this form are to be completed by applicants and shall be submitted, along with any additional information that is required, to the Authority. PART A: APPLICANT\u2019S GENERAL INFORMATION A.1 Name: A.2 If the applicant has been incorporated or established under a previous or different name, provide \u2014 (a) the previous name or names; and (b) any trading names (current and previous) under which business has been conducted. A.3 Date and places of formation (include any licence or registration in other jurisdictions): A.4 Legal entity identifier (if available): A.5 Legal structure of applicant, including organizational chart, if applicable: A.6 Company, partnership or limited liability company registration number of the applicant: A.7 Certificate of incorporation or registration or official record of formation: A.8 Applicant\u2019s address and postal address (if different) and, if applicable, name and address of corporate services provider: A.9 Is the applicant licensed or registered to conduct virtual asset services (\u201cVAS\u201d) business in another jurisdiction? If so \u2014 (a) specify the date on which the applicant began conducting VAS business; (b) state any licence or registration held; (c) provide the name and address of the regulator which has issued the licence or registration; (d) specify the jurisdiction or jurisdictions in which the applicant is conducting VAS business; SCHEDULE 1 SL 138 of 2020 (e) specify whether there are specific requirements, restrictions or prohibitions on the conduct of the activity for which it is registered or licensed; and (f) state if any office has been opened or if any physical presence has been established: A.10 State whether the applicant holds or has acquired a controlling interest in another person or legal arrangement engaged in virtual asset service in this or any other jurisdiction: A.11 Identify any virtual asset services provided in another jurisdiction not listed in A.9: A.12 State any penalties that have been imposed or enforcement actions taken in another jurisdiction: A.13 Identify the services provided, or to be provided, in or from within the Islands: A.14 In relation to Directors or Principals of the General Partner or Managing Members, provide \u2014 (a) Title: (b) First name: (c) Last name: (d) Date of birth: (e) Country of birth: (f) Nationality\/nationalities: A.15 In relation to Senior Officers (excluding Money Laundering Reporting Officer, Deputy Money Laundering Reporting Officer and Anti-Money Laundering Compliance Officer), provide \u2014 (a) Title: (b) First name: (c) Last name: (d) Date of birth: (e) Country of birth: (f) Nationality\/nationalities: SCHEDULE 1 SL 138 of 2020 Proof of fit and proper standing: Please submit any other related information that the Authority may require in order to adequately assess the application. A.16 In relation to Shareholders: (list all shareholders and beneficial interest holders who are natural persons), provide \u2014 (a) Title: (b) First name: (c) Last name: (d) Date of birth: (e) Country of birth and nationality: (f) Percentage holding: A.17 Details of each Anti-Money Laundering Compliance Officer, Money Laundering Reporting Officer and Deputy Money Laundering Reporting Officer, including \u2014 (a) CIMA ID (if applicable and known): (b) Full name: (c) Other names (aliases): (d) Mailing and street address: (e) Date of birth: (f) Country of birth: (g) Gender: (h) Occupation and job title: (i) Name of employer: (j) Street and mailing address of employer: (k) Phone number of employer: (l) Email address of employer: (m) Professional qualification \u2014 (i) Description: (ii) Date: (iii) Accrediting Body: (iv) Type: (n) Attach CV or resume SCHEDULE 1 SL 138 of 2020 PART B: INFORMATION ON VIRTUAL ASSET SERVICE PROVIDED: B.1 Provide details on the virtual asset service or services which will be provided, including \u2014 (a) the nature, function and purpose of the virtual asset service; (b) the revenue for the prior twelve months or, if unavailable, the projected revenue for the twelve month period following an application for each virtual asset service to be provided; (c) the manner in which the virtual asset service will be provided to the public; and (d) identified risks associated with the virtual asset service, including data security risks and steps put in place to mitigate these risks, including any insurance arrangements: B.2 Provide details on the procedures put in place in accordance with the Law to combat money laundering, terrorist financing and proliferation financing and to ensure compliance with Anti-Money Laundering Regulations (2020 Revision): B.3 Provide an outline of internal safeguards and data protection systems that will be put in place to protect the assets and data of clients: B.4 State qualifications, expertise and all applicable experience in the provision of the virtual asset service of the directors and senior officers: B.5 Will the service provider be engaged in any securities investment business as defined under the Securities Investment Business Law (2020 Revision)? \uf06fYES  \uf06fNO B.6 Will the service provider be issuing virtual assets as defined under the Virtual Asset (Service Providers) Law, 2020?  \uf06fYES  \uf06fNO. If yes, please complete an issuance request form and include it with this application. PART C: DECLARATION To be completed by all applicants. DECLARATION: To be signed and submitted by two senior officers of the applicant. I (full name and address and position) I SCHEDULE 1 SL 138 of 2020 (full name and address and position) declare that we are duly authorized to make this application. We confirm that we have read and understood the provisions of the Virtual Asset (Service Providers) Law, 2020 and the regulations made under it and the Anti-Money Laundering Regulations (2020 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: SCHEDULE 2 SL 138 of 2020 SCHEDULE 2 (regulation 5) Fees Registration Item Description Section of Law Fee Assessment fee for registration (fee applies to all applications for registration) 6(1) $1000 2. Application fee for registration of an existing licensee or person already registered under another regulatory Law 5(2) $1,000 3. Application fee for registration for virtual asset service providers engaging in an issuance of virtual assets only (payable on approval of application for registration): 5(2) Category A Where the amount raised, or expected to be raised, by an issuer from the sale of newly created virtual assets is not expected to exceed one million dollars, or its equivalent, and where \u2014 (a) the applicant wishes to issue virtual assets, which are not convertible virtual assets, via a recognized exchange, licensed virtual assets $1,500 SCHEDULE 2 SL 138 of 2020 trading platforms or obliged entities only; (b) the applicant wishes to issue virtual assets, which are not convertible virtual assets, directly to the public in this or another jurisdiction; or $2,500 (c) the applicant wishes to issue convertible virtual assets. $2,500 - $5,000 (depending on the Authority\u2019s assessment of the nature, size, scope and complexity of the applicant\u2019s virtual asset services) Category B Where the amount raised, or expected to be raised, by an issuer for the sale of newly created virtual assets is expected to exceed one million dollars, or its equivalent, and where \u2014 (a) the applicant wishes to issue virtual assets which are not convertible virtual assets, via a recognized exchange, a licensed virtual asset trading platform or an obliged entity; $3,500 SCHEDULE 2 SL 138 of 2020 (b) applicant issuing virtual assets which are not convertible virtual assets directly to persons in this or another jurisdiction; or $5,000 (c) the virtual asset being issued is a convertible virtual asset. $5,000 to $10,000 (depending on the Authority\u2019s assessment of the nature, size, scope and complexity of the applicant\u2019s virtual asset services) 4. Application fee for registration for virtual asset service providers that are providing virtual asset services not including the issuance of virtual assets (payable on approval of the application for registration): 5(2) Category A Persons who have generated or expect to generate revenue not exceeding five hundred thousand dollars, or its equivalent, from the SCHEDULE 2 SL 138 of 2020 virtual asset service or services for which registration is required \u2014 (a) where the virtual asset service is offered to persons within the Islands only; and $1,000 - $1,500 (depending on the Authority\u2019s assessment of the nature, size, scope and complexity of the applicant\u2019s virtual asset services) (b) where the virtual asset service is offered to persons outside of the Islands $2,500 - $5,000 (depending on the Authority\u2019s assessment of the nature, size, scope and complexity of the applicant\u2019s virtual asset services) Category B Persons who have generated or who expect to generate revenue exceeding five hundred thousand dollars, or its equivalent, from the virtual asset service or services for which SCHEDULE 2 SL 138 of 2020 registration is required \u2014 (a) where the virtual asset service or services is being offered to persons within the Islands only; and $3,500 - $5,000 (b) where the virtual asset service or services is being offered to persons outside the Islands. $7,500 - $15,000 5. Annual renewal fee for registered persons that are engaging in an issuance of virtual assets only: 5(2) (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.) Category A Where the amount raised, or expected to be raised, by an issuer from the sale of newly created virtual assets is not expected to exceed one million dollars, or its equivalent, and where \u2014 SCHEDULE 2 SL 138 of 2020 (a) the applicant wishes to issue virtual assets, which are not convertible virtual assets, via a recognized exchange, licensed virtual assets trading platforms or obliged entities only; $1,500 (b) the applicant wishes to issue virtual assets, which are not convertible virtual assets, directly to the public in this or another jurisdiction; or $2,500 (c) the applicant wishes to issue convertible virtual assets $2,500 - $5,500 (depending on the Authority\u2019s assessment of the nature, size, scope and complexity of the applicant\u2019s virtual asset services) Category B Where the amount raised, or expected to be raised, by an issuer for the sale of newly created virtual assets is expected to exceed one million dollars, or its equivalent, and where \u2014 SCHEDULE 2 SL 138 of 2020 (a) the applicant wishes to issue virtual assets which are not convertible virtual assets, via a recognized exchange, a licensed virtual asset trading platform or an obliged entity; $3,500 (b) applicant issuing virtual assets which are not convertible virtual assets directly to persons in this or another jurisdiction; or $5,000 (c) the virtual asset being issued is a convertible virtual asset $5,000 - $10,000 (depending on the Authority\u2019s assessment of the nature, size, scope and complexity of the applicant\u2019s virtual asset services)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Annual renewal fee for registered persons that are providing virtual asset services not including the issuance of virtual assets 5(5) (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 and SCHEDULE 2 SL 138 of 2020 delivery method of virtual asset service provided.) Category A Persons who have generated revenue not 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 is offered to persons within the Islands only; and $1,000 to $1,500 (depending on the Authority\u2019s assessment of the nature, size, scope and complexity of the applicant\u2019s virtual asset services) (b) where the virtual asset service is offered to persons outside of the Islands $2,500 - $5,000 (depending on the Authority\u2019s assessment of the nature, size, SCHEDULE 2 SL 138 of 2020 scope and complexity of the applicant\u2019s virtual asset services) Category B Where the amount raised by an issuer for the sale of newly created virtual assets exceeds five hundred thousand dollars, or its equivalent, and where  \u2014 (a) the virtual asset service, or services, are being offered to persons within the Islands only; and $3,500 - $5,000 (b) the virtual asset service, or services, is being offered to persons outside the Islands; and $7,500 - $15,000 depending on the Authority\u2019s assessment of the nature, size, scope and complexity of the applicant\u2019s virtual asset services. Made in Cabinet the 28th day of October, 2020. Kim Bullings Clerk of the Cabinet\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2020_01_01\", \"date\": \"2020-01-01\", \"type\": \"generation\", \"source\": \"#cilegis\"}]}, \"references\": {\"source\": \"#canary\", \"TLCRole\": [], \"TLCEvent\": [{\"eId\": \"ev_commencement\", \"href\": \"\/akn\/ontology\/canary\/event\/commencement\", \"showAs\": \"commencement\"}], \"TLCPerson\": [], \"TLCConcept\": [{\"eId\": \"inForce\", \"href\": \"\/akn\/ontology\/canary\/concept\/temporal\/in-force\", \"showAs\": \"in force\"}], \"TLCProcess\": [], \"TLCLocation\": [], \"TLCOrganization\": [{\"eId\": \"cilegis\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\", \"showAs\": \"Cayman Islands legislation mirror (kyleg)\"}]}, \"temporalData\": {\"source\": \"#cilegis\", \"temporalGroup\": [{\"eId\": \"tg_inforce_2020_01_01\", \"timeInterval\": 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\"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/sl\/2020\/138\/eng@2020-01-01.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/sl\/2020\/138\/eng@2020-01-01.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Virtual Asset (Service Providers) Regulations\", \"actNumber\": \"138 of 2020\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nVirtual Asset (Service Providers) Law, 2020\n(Law 14 of 2020)\nVIRTUAL ASSET (SERVICE PROVIDERS)\nREGULATIONS, 2020\n(SL 138 of 2020)\nSupplement No. 6 published with Legislation Gazette No. 80 dated 28th October, 2020.\n\n\u2000\n\nPage 2\nSL 138 of 2020\nc\n\nPUBLISHING DETAILS\n\nVirtual Asset (Service Providers) Regulations, 2020\nArrangement of Regulations\n\nc\nSL 138 of 2020\nPage 3\n\nCAYMAN ISLANDS\n\nVirtual Asset (Service Providers) Law, 2020\nVIRTUAL ASSET (SERVICE PROVIDERS)\nREGULATIONS, 2020\n(SL 138 of 2020)\n\nArrangement of Regulations\nRegulation\nPage\n1.\nCitation ......................................................................................................................................5\n2.\nDefinitions ..................................................................................................................................5\n3.\nDecisions by the Authority regarding the issuance of virtual assets ............................................6\n4.\nApplication for registration .........................................................................................................6\n5\nFees ..........................................................................................................................................6\nSCHEDULE 1\n7\nSCHEDULE 2\n12\n\nVirtual Asset (Service Providers) Regulations, 2020\nRegulation 1\n\nc\nSL 138 of 2020\nPage 5\n\nCAYMAN ISLANDS\n\nVirtual Asset (Service Providers) Law, 2020\n(Law 14 of 2020)\nVIRTUAL ASSET (SERVICE PROVIDERS)\nREGULATIONS, 2020\n(SL 138 of 2020)\nIn exercise of the powers conferred by section 39 of the Virtual Asset (Service Providers)\nLaw, 2020 the Cabinet, after consultation with the Authority, makes the following\nRegulations \u2014\n1.\nCitation\n1.\nThese Regulations may be cited as the Virtual Asset (Service Providers)\nRegulations, 2020.\n2.\nDefinitions\n2.\nIn these Regulations \u2014\n\u201cAnti-Money Laundering Compliance Officer\u201d has the meaning assigned in\nregulation 2(1) of the Anti-Money Laundering Regulations (2020 Revision);\n\u201cDeputy Money Laundering Reporting Officer\u201d has the meaning assigned\nin regulation 2(1) of the Anti-Money Laundering Regulations (2020 Revision);\n\u201cMoney Laundering Reporting Officer\u201d has the meaning assigned in\nregulation 2(1) of the Anti-Money Laundering Regulations (2020 Revision);\nand\n\u201cunderlying asset\u201d includes precious metal and fiat currency.\n\nRegulation 3\nVirtual Asset (Service Providers) Regulations, 2020\n\nPage 6\nSL 138 of 2020\nc\n\n3.\nDecisions by the Authority regarding the issuance of virtual assets\n3.\n(1) The Authority, in making a decision whether a sale of virtual assets is a sale of\nnewly created virtual assets to the public, in or from within the Islands, shall\ndo so by assessing whether \u2014\n(a) the sale, or offer for sale, of the respective virtual assets will be\nadvertised to persons or entities in the Islands by way of any promotional\nmaterial, announcement or statement in such manner as to make the\nadvertisement directed to, or accessible by, persons or entities in the\nIslands and persons or entities in the Islands will be able to participate in\nthe issuance by purchasing the respective virtual assets either \u2014\n(i)\ndirectly from the person or entity offering the virtual assets; or\n(ii) indirectly by way of a third party which has been engaged to\nfacilitate the sale of the virtual assets;\n(b) a person or entity listed in section 3(1) of the Law is offering newly\ncreated virtual assets for sale from within the Islands where the sale, or\noffer for sale, of newly created virtual assets will not be advertised to\npersons or entities in the Islands and persons and entities in the Islands\nwill not be able to participate in the issuance; or\n(c) the sale, or offer for sale, of newly created virtual assets is a sale to the\npublic and not a private sale.\n(2) The third party referred to in paragraph (1)(a)(ii) is a person or entity who is\nengaged by the issuer to facilitate the sale of newly created virtual assets and is\ncompensated either directly or indirectly for the sale, distribution, transfer or\ndisposal of newly created virtual assets which are the subject of the issuance.\n(3) For the purposes of paragraph (1)(c), \u201cprivate sale\u201d means a sale, or offer for\nsale, which is not advertised and is made available to a limited number of\npersons or entities who are selected prior to the sale by way of a private\nagreement.\n4.\nApplication for registration\n4.\nAn application for registration under section 6(1) of the Law shall be made to the\nAuthority in the form set out in Schedule 1.\n5\nFees\n5.\nThe fees payable for applications made under the Law are set out in Schedule 2.\n\nVirtual Asset (Service Providers) Regulations, 2020\nSCHEDULE 1\n\nc\nSL 138 of 2020\nPage 7\n\n SCHEDULE 1\n(regulation 4)\nApplication for Registration\nAll parts of this form are to be completed by applicants and shall be submitted, along\nwith any additional information that is required, to the Authority.\nPART A: APPLICANT\u2019S GENERAL INFORMATION\nA.1 Name:\nA.2 If the applicant has been incorporated or established under a previous or different\nname, provide \u2014\n(a) the previous name or names; and\n(b) any trading names (current and previous) under which business has been\nconducted.\nA.3 Date and places of formation (include any licence or registration in other\njurisdictions):\nA.4 Legal entity identifier (if available):\nA.5 Legal structure of applicant, including organizational chart, if applicable:\nA.6 Company, partnership or limited liability company registration number of the\napplicant:\nA.7 Certificate of incorporation or registration or official record of formation:\nA.8 Applicant\u2019s address and postal address (if different) and, if applicable, name and\naddress of corporate services provider:\nA.9 Is the applicant licensed or registered to conduct virtual asset services (\u201cVAS\u201d)\nbusiness in another jurisdiction? If so \u2014\n(a) specify the date on which the applicant began conducting VAS business;\n(b) state any licence or registration held;\n(c) provide the name and address of the regulator which has issued the licence or\nregistration;\n(d) specify the jurisdiction or jurisdictions in which the applicant is conducting\nVAS business;\n\nSCHEDULE 1\nVirtual Asset (Service Providers) Regulations, 2020\n\nPage 8\nSL 138 of 2020\nc\n\n(e)\nspecify whether there are specific requirements, restrictions or\nprohibitions on the conduct of the activity for which it is registered or\nlicensed; and\n(f)\nstate if any office has been opened or if any physical presence has been\nestablished:\nA.10\nState whether the applicant holds or has acquired a controlling interest in\nanother person or legal arrangement engaged in virtual asset service in this or\nany other jurisdiction:\nA.11\nIdentify any virtual asset services provided in another jurisdiction not listed in\nA.9:\nA.12\nState any penalties that have been imposed or enforcement actions taken in\nanother jurisdiction:\nA.13\nIdentify the services provided, or to be provided, in or from within the Islands:\nA.14\nIn relation to Directors or Principals of the General Partner or Managing\nMembers, provide \u2014\n(a)\nTitle:\n(b) First name:\n(c)\nLast name:\n(d) Date of birth:\n(e)\nCountry of birth:\n(f)\nNationality\/nationalities:\nA.15\nIn relation to Senior Officers (excluding Money Laundering Reporting Officer,\nDeputy Money Laundering Reporting Officer and Anti-Money Laundering\nCompliance Officer), provide \u2014\n(a)\nTitle:\n(b) First name:\n(c)\nLast name:\n(d) Date of birth:\n(e)\nCountry of birth:\n(f)\nNationality\/nationalities:\n\nVirtual Asset (Service Providers) Regulations, 2020\nSCHEDULE 1\n\nc\nSL 138 of 2020\nPage 9\n\nProof of fit and proper standing:\nPlease submit any other related information that the Authority may require in order to\nadequately assess the application.\nA.16\nIn relation to Shareholders: (list all shareholders and beneficial interest holders\nwho are natural persons), provide \u2014\n(a)\nTitle:\n(b) First name:\n(c)\nLast name:\n(d) Date of birth:\n(e)\nCountry of birth and nationality:\n(f)\nPercentage holding:\nA.17\nDetails of each Anti-Money Laundering Compliance Officer, Money\nLaundering Reporting Officer and Deputy Money Laundering Reporting\nOfficer, including \u2014\n(a) CIMA ID (if applicable and known):\n(b) Full name:\n(c) Other names (aliases):\n(d) Mailing and street address:\n(e) Date of birth:\n(f) Country of birth:\n(g) Gender:\n(h) Occupation and job title:\n(i) Name of employer:\n(j) Street and mailing address of employer:\n(k) Phone number of employer:\n(l) Email address of employer:\n(m) Professional qualification \u2014\n(i) Description:\n(ii) Date:\n(iii) Accrediting Body:\n(iv) Type:\n(n) Attach CV or resume\n\nSCHEDULE 1\nVirtual Asset (Service Providers) Regulations, 2020\n\nPage 10\nSL 138 of 2020\nc\n\nPART B: INFORMATION ON VIRTUAL ASSET SERVICE PROVIDED:\nB.1 Provide details on the virtual asset service or services which will be provided,\nincluding \u2014\n(a) the nature, function and purpose of the virtual asset service;\n(b) the revenue for the prior twelve months or, if unavailable, the projected\nrevenue for the twelve month period following an application for each\nvirtual asset service to be provided;\n(c) the manner in which the virtual asset service will be provided to the\npublic; and\n(d) identified risks associated with the virtual asset service, including data\nsecurity risks and steps put in place to mitigate these risks, including any\ninsurance arrangements:\nB.2 Provide details on the procedures put in place in accordance with the Law to combat\nmoney laundering, terrorist financing and proliferation financing and to ensure\ncompliance with Anti-Money Laundering Regulations (2020 Revision):\nB.3 Provide an outline of internal safeguards and data protection systems that will be put\nin place to protect the assets and data of clients:\nB.4 State qualifications, expertise and all applicable experience in the provision of the\nvirtual asset service of the directors and senior officers:\nB.5 Will the service provider be engaged in any securities investment business as\ndefined under the Securities Investment Business Law (2020 Revision)?\n \uf06fYES  \uf06fNO\n\nB.6 Will the service provider be issuing virtual assets as defined under the Virtual Asset\n(Service Providers) Law, 2020?  \uf06fYES  \uf06fNO.\n\nIf yes, please complete an issuance request form and include it with this application.\n\nPART C: DECLARATION\nTo be completed by all applicants.\n\nDECLARATION:\nTo be signed and submitted by two senior officers of the applicant.\nI\n(full name and address and position)\nI\n\nVirtual Asset (Service Providers) Regulations, 2020\nSCHEDULE 1\n\nc\nSL 138 of 2020\nPage 11\n\n(full name and address and position)\n\ndeclare that we are duly authorized to make this application.\nWe confirm that we have read and understood the provisions of the Virtual Asset (Service\nProviders) Law, 2020 and the regulations made under it and the Anti-Money Laundering\nRegulations (2020 Revision) and we declare that the business in respect of which this\napplication is made will be conducted in accordance with the law.\nWe declare the information provided in the application to be accurate in all material\naspects to the best of our knowledge and belief.\n\nSignatures:\n\nDate:\n\nSCHEDULE 2\nVirtual Asset (Service Providers) Regulations, 2020\n\nPage 12\nSL 138 of 2020\nc\n\n SCHEDULE 2\n(regulation 5)\nFees\nRegistration\nItem\nDescription\nSection of\nLaw\nFee\n1\nAssessment fee for registration (fee applies\nto all applications for registration)\n6(1)\n$1000\n2.\nApplication fee for registration of an existing\nlicensee or person already registered under\nanother regulatory Law\n5(2)\n$1,000\n3.\nApplication fee for registration for virtual\nasset service providers engaging in an\nissuance of virtual assets only (payable on\napproval of application for registration):\n\n5(2)\n\nCategory A\n\nWhere the amount raised, or expected to be\nraised, by an issuer from the sale of newly\ncreated virtual assets is not expected to\nexceed one million dollars, or its equivalent,\nand where \u2014\n\n(a) the applicant wishes to issue virtual\nassets, which are not convertible\nvirtual assets, via a recognized\nexchange, licensed virtual assets\n\n$1,500\n\nVirtual Asset (Service Providers) Regulations, 2020\nSCHEDULE 2\n\nc\nSL 138 of 2020\nPage 13\n\ntrading platforms or obliged entities\nonly;\n\n(b) the applicant wishes to issue virtual\nassets, which are not convertible\nvirtual assets, directly to the public\nin this or another jurisdiction; or\n\n$2,500\n\n(c) the applicant\nwishes to issue\nconvertible virtual assets.\n\n$2,500 - $5,000\n(depending\non\nthe\nAuthority\u2019s\nassessment of the\nnature,\nsize,\nscope\nand\ncomplexity of the\napplicant\u2019s\nvirtual\nasset\nservices)\n\nCategory B\nWhere the amount raised, or expected to be\nraised, by an issuer for the sale of newly\ncreated virtual assets is expected to exceed\none million dollars, or its equivalent, and\nwhere \u2014\n\n(a) the applicant wishes to issue virtual\nassets which are not convertible\nvirtual assets, via a recognized\nexchange, a licensed virtual asset\ntrading platform or an obliged\nentity;\n\n$3,500\n\nSCHEDULE 2\nVirtual Asset (Service Providers) Regulations, 2020\n\nPage 14\nSL 138 of 2020\nc\n\n(b) applicant issuing virtual assets\nwhich are not convertible virtual\nassets directly to persons in this or\nanother jurisdiction; or\n\n$5,000\n\n(c) the virtual asset being issued is a\nconvertible virtual asset.\n\n$5,000\nto\n$10,000\n(depending\non\nthe\nAuthority\u2019s\nassessment of the\nnature,\nsize,\nscope\nand\ncomplexity of the\napplicant\u2019s\nvirtual\nasset\nservices)\n4.\nApplication fee for registration for virtual\nasset service providers that are providing\nvirtual asset services not including the\nissuance of virtual assets (payable on\napproval of the application for registration):\n\n5(2)\n\nCategory A\n\nPersons who have generated or expect to\ngenerate revenue not exceeding five hundred\nthousand dollars, or its equivalent, from the\n\nVirtual Asset (Service Providers) Regulations, 2020\nSCHEDULE 2\n\nc\nSL 138 of 2020\nPage 15\n\nvirtual asset service or services for which\nregistration is required \u2014\n\n(a) where the virtual asset service is\noffered to persons within the\nIslands only; and\n\n$1,000 - $1,500\n(depending\non\nthe\nAuthority\u2019s\nassessment of the\nnature,\nsize,\nscope\nand\ncomplexity of the\napplicant\u2019s\nvirtual\nasset\nservices)\n\n(b) where the virtual asset service is\noffered to persons outside of the\nIslands\n\n$2,500 - $5,000\n(depending\non\nthe\nAuthority\u2019s\nassessment of the\nnature,\nsize,\nscope\nand\ncomplexity of the\napplicant\u2019s\nvirtual\nasset\nservices)\n\nCategory B\n\nPersons who have generated or who expect\nto generate revenue exceeding five hundred\nthousand dollars, or its equivalent, from the\nvirtual asset service or services for which\n\nSCHEDULE 2\nVirtual Asset (Service Providers) Regulations, 2020\n\nPage 16\nSL 138 of 2020\nc\n\nregistration is required \u2014\n\n(a) where the virtual asset service or\nservices is being offered to persons\nwithin the Islands only; and\n\n$3,500 - $5,000\n\n(b) where the virtual asset service or\nservices is being offered to persons\noutside the Islands.\n\n$7,500 - $15,000\n5.\nAnnual renewal fee for registered persons\nthat are engaging in an issuance of virtual\nassets only:\n5(2)\n(The amount of\nthe fee is based\non the category\nin\nwhich\nthe\nAuthority\nassesses\nthe\nregistered person\nto fall based on\nthe\nrevenue\ngenerated during\nthe previous year\nand the type of\nvirtual\nasset\nissuance.)\n\nCategory A\nWhere the amount raised, or expected to be\nraised, by an issuer from the sale of newly\ncreated virtual assets is not expected to\nexceed one million dollars, or its equivalent,\nand where \u2014\n\nVirtual Asset (Service Providers) Regulations, 2020\nSCHEDULE 2\n\nc\nSL 138 of 2020\nPage 17\n\n(a) the applicant wishes to issue virtual\nassets, which are not convertible\nvirtual assets, via a recognized\nexchange, licensed virtual assets\ntrading platforms or obliged entities\nonly;\n\n$1,500\n\n(b) the applicant wishes to issue virtual\nassets, which are not convertible\nvirtual assets, directly to the public\nin this or another jurisdiction; or\n\n$2,500\n\n(c) the applicant\nwishes to\nissue\nconvertible virtual assets\n\n$2,500 - $5,500\n(depending\non\nthe\nAuthority\u2019s\nassessment of the\nnature,\nsize,\nscope\nand\ncomplexity of the\napplicant\u2019s\nvirtual\nasset\nservices)\n\nCategory B\n\nWhere the amount raised, or expected to be\nraised, by an issuer for the sale of newly\ncreated virtual assets is expected to exceed\none million dollars, or its equivalent, and\nwhere \u2014\n\nSCHEDULE 2\nVirtual Asset (Service Providers) Regulations, 2020\n\nPage 18\nSL 138 of 2020\nc\n\n(a) the applicant wishes to issue virtual\nassets which are not convertible\nvirtual assets, via a recognized\nexchange, a licensed virtual asset\ntrading platform or an obliged\nentity;\n\n$3,500\n\n(b) applicant issuing virtual assets\nwhich are not convertible virtual\nassets directly to persons in this or\nanother jurisdiction; or\n\n$5,000\n\n(c) the virtual asset being issued is a\nconvertible virtual asset\n\n$5,000 - $10,000\n(depending\non\nthe\nAuthority\u2019s\nassessment of the\nnature,\nsize,\nscope\nand\ncomplexity of the\napplicant\u2019s\nvirtual\nasset\nservices)\n6.\nAnnual renewal fee for registered persons\nthat are providing virtual asset services not\nincluding the issuance of virtual assets\n5(5)\n(The amount of\nthe fee is based\non the category\nin\nwhich\nthe\nAuthority\nassesses\nthe\nregistered person\nto fall based on\nthe\nrevenue\ngenerated during\nthe previous year\nand the type and\n\nVirtual Asset (Service Providers) Regulations, 2020\nSCHEDULE 2\n\nc\nSL 138 of 2020\nPage 19\n\ndelivery method\nof virtual asset\nservice\nprovided.)\n\nCategory A\n\nPersons who have generated revenue not\nexceeding five hundred thousand dollars, or\nits equivalent, from the virtual asset service\nor\nservices\nfor\nwhich\nregistration\nis\nrequired \u2014\n\n(a) where the virtual asset service is\noffered to persons within the\nIslands only; and\n\n$1,000 to $1,500\n(depending\non\nthe\nAuthority\u2019s\nassessment of the\nnature,\nsize,\nscope\nand\ncomplexity of the\napplicant\u2019s\nvirtual\nasset\nservices)\n\n(b) where the virtual asset service is\noffered to persons outside of the\nIslands\n\n$2,500 - $5,000\n(depending\non\nthe\nAuthority\u2019s\nassessment of the\nnature,\nsize,\n\nSCHEDULE 2\nVirtual Asset (Service Providers) Regulations, 2020\n\nPage 20\nSL 138 of 2020\nc\n\nscope\nand\ncomplexity of the\napplicant\u2019s\nvirtual\nasset\nservices)\n\nCategory B\n\nWhere the amount raised by an issuer for the\nsale of newly created virtual assets exceeds\nfive hundred thousand dollars, or its\nequivalent, and where  \u2014\n\n(a) the virtual asset service, or services,\nare being offered to persons within\nthe Islands only; and\n\n$3,500 - $5,000\n\n(b) the virtual asset service, or services,\nis being offered to persons outside\nthe Islands; and\n\n$7,500 - $15,000\ndepending on the\nAuthority\u2019s\nassessment of the\nnature,\nsize,\nscope\nand\ncomplexity of the\napplicant\u2019s\nvirtual\nasset\nservices.\nMade in Cabinet the 28th day of October, 2020.\n\nKim Bullings\nClerk of the Cabinet","akn_extracted_at":"2026-06-22 15:40:53.320296+00","cms_id":"2020-0138","law_type":"subordinate","year":"2020","number":"138","title":"Virtual Asset (Service Providers) Regulations","status":"in_force"},"provenance":{"files":[{"file_id":"5660","expr_id":"590","kind":"akn_xml","filename":"2020-0138_SL 138 of 2020.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2020\/2020-0138\/2020-0138_SL 138 of 2020.akn.xml","content_md5":"bcbf839bca2f6abb862d2f2ab885c88a","byte_size":"20092","http_last_modified":null,"fetched_at":"2026-06-22 15:40:53.568776+00"},{"file_id":"1179","expr_id":"590","kind":"pristine_pdf","filename":"2020-0138_SL 138 of 2020.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2020\/2020-0138\/2020-0138_SL 138 of 2020.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/SUBORDINATE\/2020\/2020-0138\/2020-0138_SL 138 of 2020.pdf","content_md5":"c8a58370895cb03ffdde0df35c07911a","byte_size":"745385","http_last_modified":null,"fetched_at":"2026-06-21 23:09:38.424025+00"},{"file_id":"1180","expr_id":"590","kind":"working_pdf","filename":"2020-0138_SL 138 of 2020.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2020\/2020-0138\/2020-0138_SL 138 of 2020.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2020\/2020-0138\/2020-0138_SL 138 of 2020.pdf","content_md5":"c8a58370895cb03ffdde0df35c07911a","byte_size":"745385","http_last_modified":null,"fetched_at":"2026-06-21 23:09:38.424025+00"}],"paragraph_count":77,"latest_history":null},"quality":{"expr_id":"590","doc_id":"590","quality_state":"needs_review","quality_score":"76","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise}","llm_categories":"{truncated_text,paragraph_numbering_problem,other}","repair_actions":"{collapse_duplicate_text,manual_review,rebuild_paragraphs,reextract_full_text,strip_page_furniture}","finding_severity_counts":"{\"low\": 2, \"medium\": 1}","finding_summary":"Sample shows partial truncation of Schedule\u202f1 and minor formatting\/numbering inconsistencies; 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