S.L. 590.1 Art. 26Transitory provision. L.N. 25 of 2022.

Any person, who on the date of the coming into force of the Virtual Financial Assets (Amendment) Regulations, 2022 is carrying out an activity in terms of paragraphs (d) or (e) of regulation 4(1), shall within one month from the date of coming into force of the Virtual Financial Assets (Amendment) Regulations, 2021, seek a determination in writing from the competent authority in terms of regulation 4(2) and provide the competent authority with the following information:

(a) a description of the business model;

(b) a statement on the level of activity which that person plans to conduct and the level of activity carried out during the preceding year, which activity would have been licensable had that person not been exempt;

(c) a statement on whether such person engages or will be engaging employees to carry out such activity and the number of employees such person has engaged and, or plans to engage, if applicable; and

(d) the identification details and address of the ultimate beneficial owners.