Section 12Part 2 — Registered Persons and Virtual Asset Service Licensees
Issuance request
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Subject to subsection (3), and where permitted under the terms of the respective licence, a licensee who operates a virtual asset trading platform may issue virtual assets on its own behalf directly to the public over the prescribed threshold by submitting a virtual asset issuance request to the Authority and seeking approval from the Authority prior to the issuance.
A virtual asset trading platform that is licensed under this Act may issue virtual assets on behalf of a virtual asset service provider directly to the public over the prescribed threshold where —
it is permitted under the terms of its licence; and
the virtual asset service provider which is creating the virtual assets for the issuance has obtained approval for the issuance.
On approval of an issuance which is over the prescribed threshold, the Authority may impose requirements in relation to —
the method by which the issuer may solicit members of the public to participate in the issuance; Section 13 Virtual Asset (Service Providers) Act (2024 Revision)
the information provided to the public relating to the issuance including the disclosures of material risks associated with the virtual asset, use of funds and terms and conditions of the issuance;
the information that the licensee is required to collect from members of the public who participate in the issuance; and
the reporting requirements that are specific to the issuance and the intervals by which the information is to be provided to the Authority, and the licensee or any person acting on the licensee’s behalf shall comply with these requirements.
A licensee who issues virtual assets directly to the public shall not —
make any false, misleading or deceptive representations or omissions; or
engage in fraudulent activity.
If a licensee operating a virtual asset trading platform which is facilitating the issuance of newly created virtual assets on behalf of a virtual asset service provider knows, or has reasonable grounds to believe, that the virtual asset issuance does not comply with any applicable requirements, the licensee shall immediately give the Authority written notice of its knowledge or belief, with reasons.
A person who contravenes subsection (5) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars. Directions to apply for licence