Section 27Part 5 — The Authority: Powers and Enforcement
Revocation of licence
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The Authority may revoke a virtual asset service licence or a sandbox licence where it is of the opinion that —
the licensee has failed to comply with an obligation imposed on it by this Act ;
the licensee is carrying on business in a manner that is not permitted by the licence;
the Authority has been provided with false, misleading or inaccurate information by or on behalf of the licensee or a person who is a senior officer or trustee of the licensee;
the interests of the clients or potential clients of the licensee are threatened; or
the licensee has contravened the Anti-Money Laundering Regulations (2023 Revision).
Where the Authority revokes a virtual asset service licence under subsection (1), it shall publish a notice to that effect forthwith in the Gazette. 28. Shares not to be issued or transferred without the prior approval of the Authority 28 . (1) No shares totalling ten per cent or more of the total shares in a company which is a virtual asset service provider under this Act shall be issued, and no issued shares or interests shall be voluntarily transferred or disposed of, without the prior approval of the Authority. (2) For the avoidance of doubt, where the virtual asset service provider is a partnership, a partnership interest is equivalent to shares in a company.
For the purposes of subsections (1) and (2), a virtual asset service provider shall provide such information to the Authority, and within the specific time, as the Authority may require for the purpose of assessing whether persons acquiring control or ownership of such shares or partnership interest, as the case may be, referred to in that subsection are fit and proper persons to have such control or ownership. Virtual Asset (Service Providers) Act (2024 Revision) Section 28
For the avoidance of doubt, references to shares representing ten per cent or more of the total voting rights or ownership of a legal person include the cumulative acquisition of shares, voting rights which amount to ten per cent or more of the total voting rights of the legal person or legal arrangement and a reference to shares being transferred or disposed of includes the transfer or disposal of the legal or the beneficial interest in the shares or interests.
In the event of shares in a company or the interests in a partnership which is a virtual asset service provider vesting involuntarily or through process of law in a person, the company or partnership, as soon as it becomes aware of such vesting, shall inform the Authority of the number of shares or interests and the identity of the person in whom the shares or interests have vested; and the company or partnership and the person in whom they have vested shall comply with any instructions as to the licence or registration or the business of the company or partnership as may be given by the Authority.
The Authority shall not grant the approval specified in subsection (1) where the shareholder or partner of a virtual asset service provider is not a fit and proper person.
The Authority may exempt from the provisions of subsection (1) a virtual asset service provider with ninety - five per cent or more of their shares publicly tra ded on a stock exchange recognis ed by the Authority, and any such exemption —
shall be subject to the condition that the virtual asset service provider shall, as soon as reasonably practicable, notify the Authority of —
any change in control of the virtual asset service provider;
the acquisition by any person or group of persons of shares representing more than ten per cent of the virtual asset service provider’s issued share cap ital or total voting rights; or
the acquisition by any person or group of persons of shares representing more than ten per cent of the issued share capital or total voting rights of the virtual asset service provider’s parent company;
shall be subject to a condition that the virtual asset service provider shall, as soon as reasonably practicable, provide such information to the Authority, within such period of time as the Authority may require, for the purpose of enabling an assessment as to whether persons acquiring control or ownership of the virtual asset service provider, in the circumstances set out in paragraph (a), are fit and proper persons to have such control or ownership; and
shall be subject to such terms and other conditions as the Authority considers necessary.
A person who contravenes this section commits an offence and is liable on summary conviction to a fine of twenty thousand dollars. Section 29 Virtual Asset (Service Providers) Act (2024 Revision)