Section 22Part 4 — Decisions to Licence, Register, Approve Issuances
Decisions by the Authority to licence or register
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The Authority, in making a decision to grant a virtual asset service licence or a sandbox licence, to register an applicant or to waive a requirement to licence or register under this Act shall consider the following —
the size, scope and complexity of the virtual asset service, underlying technology, method of delivery of the service and virtual asset utilised;
the knowledge, expertise and experience of the applicant;
the procedures that the applicant has in place to combat money laundering, terrorist financing and proliferation financing;
the internal safeguards and data protection systems being utilised by the applicant;
the similarity of the virtual asset service to securities investment business as defined under the Securities Investment Business Act (2020 Revision) or to any other regulated activity under any of the other regulatory laws;
the risks that the virtual asset service may pose to existing clients, future clients, other licensees or to the financial system of the Islands;
whether the virtual asset service business involves the offering of virtual asset custodial services or the operation of a virtual asset trading platform;
the net worth, capital reserves and financial stability of the applicant;
the impact that the virtual asset service may have on financial services in the Islands;
the likelihood that the service will promote innovation, competition and benefits to consumers;
except for an applicant that is a fintec h service provider, the applicant’s ability to comply with this Act and the relevant requirements of the Anti- Money Laundering Regulations (2023 Revision) ; Virtual Asset (Service Providers) Act (2024 Revision) Section 23
the applicant’s senior officers and trustees are fit and proper persons to hold the respective positions;
the applicant’s beneficial owners are fit and proper persons to have such ownership or control; and
the applicant has paid the assessment fee.