Section 39Part 6 — General
Regulations
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The Cabinet may, after consultation with the Authority, make regulations —
prescribing anything which is to be prescribed under this Act ; and
generally for carrying the purposes and provisions of this Act into effect.
Without prejudice to the generality of the foregoing, such regulations may in respect of registered persons, virtual asset service licensees or sandbox licensees —
specify standards for the form and content of any advertising or promotion of virtual asset service;
require a registered person, a virtual asset service licensee or a sandbox licensee to make full and proper disclosure to clients of the capacity in which the registered person or licensee is acting in relation to a particular virtual asset services transaction and whether the transaction is being effected for the registered person’s or the licensee’s own account or that of any person other than the client;
specify standards for dealings with clients and clients’ assets, including the holding upon trust of clients’ assets by the registered person, virtual asset service licensee or sandbox licensee;
establish financial requirements and specify standards for financial conduct and record keeping and reporting;
specify disclosure requirements in respect of the amount, value or arrangements for the payment or provision, of commissions or other inducements;
specify arrangements for the settlement of disputes; and
specify the nature and extent of any insurance arrangements required of the registered person, virtual asset service licensee or sandbox licensee.
Regulations made under this Act may provide that the contravention of a provision constitutes an offence and may prescribe penalties for any such offence not exceeding the maximum fine and term of imprisonment for any offence under this Act .
Regulations made under this Act may provide for such savings, transitional and consequential provisions to have effect in connection with the coming into operation of any provision of this Act as are necessary or expedient.
Regulations made under subsection (4) may be given retrospective operation to a date that is not earlier than 31st October, 2020.
Regulations which are given retrospective operation shall not — Virtual Asset (Service Providers) Act (2024 Revision) Section 40
affect in a prejudicial manner, rights existing before the date on which those regulations come into force; or
impose liabilities in respect of anything done or omitted to be done before the date on which those regulations come into force