Section 4Part 3 — Sandbox Licensees
Registration or licence required
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Subject to subsections
and
, a person shall not carry on, or purport to carry on, virtual asset service in or from within the Islands unless that person —
is a registered person;
in the case of the provision of virtual asset custodial services or the operation of a virtual asset trading platform, holds a virtual asset service licence;
is an existing licensee that has been granted a waiver from the Authority under section 16 ; or
holds a sandbox licence, in accordance with this Act . (2) A natural person shall not carry on, or purport to carry on, in or from within the Islands virtual asset service as a business or in the course of business. (3) For the purposes of subsections (1) and (2), a person purports to carry on virtual asset service where the person — (a) uses one or more words that connote virtual asset service either in English or in any other language, in the description or title under which the person carries on business; Section 5 Virtual Asset (Service Providers) Act (2024 Revision) (b) makes a representation in a document or makes a representation in any other manner that the person is carrying on virtual asset service; or (c) otherwise holds out as carrying on virtual asset service.
A contract, transaction, obligation or instrument entered into by any person shall not be rendered unenforceable because it was entered into in connection with virtual asset service carried on by that person in contravention of subsection (1) or (2).