(1) Subject to subsection (2), a person shall not offer or operate in or from Saint Lucia, a virtual asset business without being licensed under this Act.
(2) Subject to subsection (5), a person, who immediately before the commencement of this Act was offering or operating a virtual asset business may, continue to operate that virtual asset business for 60 days from the date of commencement of this Act.
(3) Where a person continues to operate a virtual asset business in accordance with subsection (2) that person shall, within 7 days of the commencement of this Act, make an application for a licence under section 5.
(4) Where an application made for a licence under subsection (3) is not granted or is withdrawn, the person shall cease to operate the virtual asset business within 14 days of the date of the notice received by the person from the Authority.
(5) Notwithstanding subsection (2), the Authority may, if in the public interest, order a person to cease offering or operating a virtual asset business until an application for a licence is determined.
(6) A person who, immediately before the commencement of this Act, was offering or operating a virtual asset business and does not make an application for a licence under subsection (3) shall cease to offer or operate that virtual asset business.
(7) A person who contravenes subsection (1) is liable on summary conviction to a fine not exceeding $10,000 and imprisonment for a term not exceeding 2 years.