Virtual Asset (Amendment) Bill, 2024

No. of 2024 Virtual Asset (Amendment) Bill, 2024 Saint Christopher   and Nevis 

SAINT CHRISTOPHER AND NEVIS 

No. of 2024 

A BILL to amend the Virtual Asset Act, No. 1 of 2020. 

BE IT ENACTED by the King’s Most Excellent Majesty, by and with the advice and consent of the National Assembly of Saint Christopher and Nevis, and by the authority of the same as follows: 

1. Short title. 

This Act may be cited as the Virtual Asset (Amendment) Act, 2024. 

2. Interpretation. 

In this Act, unless the context otherwise requires 

“Act” means the Virtual Asset Act, No. 1 of 2020. 

3. Amendment of section 2. 

The Act is amended in section 2 by  

(a) adding the following new definition in the correct alphabetical order 

“ “control” means the power of a person, either alone or with an affiliate or  relative or connected or other person, directly or indirectly or by an agreement  or otherwise to exert influence over the business and affairs of a virtual asset  business and the term “controlling” and “controlling shareholder” shall be  construed accordingly;”. 

(b) replacing the definition of the expression “significant shareholder” with the  following new definition 

“ “significant shareholder” means a controlling shareholder or a person who either alone or with affiliate or connected person, is entitled to hold more than ten  per cent of the virtual asset business or to exercise or control more than ten  percent of the total voting rights at any general meeting of the virtual asset  business or another company of which the virtual asset business is a subsidiary;”. 

4. Amendment of section 12A. 

The Act is amended in section 12A by replacing subsection (6) with the following, 

“(6) The Authority may appoint and instruct, at the expense of the registrant, an external auditor who shall be a chartered accountant, a certified public accountant, a member of the Institute of Chartered Accountants of the Eastern Caribbean or some other professionally qualified accountant to conduct an independent audit of a registrant and to  report the findings or results to the Authority.”.  

5. Amendment of section 14. 

The Act is amended in section 14 subsection (5), by replacing it as follows  

“(5) A registrant who fails to comply with a requirement of this section is  liable to an administrative penalty of five thousand dollars.”.  

……………………………… 

Lanein Blanchette 

Speaker 

Passed by the National Assembly this day of , 2024. 

……………………………… 

Trevlyn Stapleton 

Clerk of the National Assembly

The post Virtual Asset (Amendment) Bill, 2024 first appeared on SKNIS.