Section 18Part 2 — Registered Persons and Virtual Asset Service Licensees
The sandbox licence
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A sandbox licence is a temporary licence granted for a period of up to one year and shall be subject to review at such time as the Authority may determine is appropriate.
The Authority shall assess, monitor and supervise the innovative service, technology or method of delivery of a sandbox licensee with a view to ensuring that —
the service, technology or method of delivery complies with the principles under section 17 ;
the service, technology or method of delivery improves the provision of financial services in the Islands;
the service, technology or method of delivery complies with global standards and best practices for combating money laundering, terrorist financing and proliferation financing;
the adoption of new financial services practices and technologies within the Islands is facilitated; and
best practices and guidance are developed for the virtual asset service sector.