Section 16Part 2 — Registered Persons and Virtual Asset Service Licensees
Waiver
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Notwithstanding any other provision under this Act , t he Authority may waive the requirement for a licence or registration under this Act for an existing licensee where the Authority determines that —
the virtual asset service does not materially change the nature of the activity for which the existing licensee is licensed; and
the supervision and oversight carried out in relation to the business of the existing licensee is sufficient to include the virtual asset service. Section 17 Virtual Asset (Service Providers) Act (2024 Revision)
An existing licensee who receives a waiver under this section shall notify the Authority within fifteen days of any change to the information provided in the notice under section 15(1).
Notwithstanding the grant of a waiver to an existing licensee, the existing licensee shall comply with any relevant provisions of this Act as the Authority may require. Part 3 – Sandbox licensees