Revised Laws of Saint Lucia (2023)

5.   Application for licence

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   (1)   A person may make an application for a licence to the Authority to offer or operate a virtual asset business.

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   (2)   An application for a licence under subsection (1) must include —

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      (a)     the name and address of the registered office of the person;

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      (b)     the address of the place of business of the person in Saint Lucia;

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      (c)     a statement setting out the nature and scope of the virtual asset business, such as —

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         (i)     the date the operations commenced,

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         (ii)     the name of the person who intends to offer or operate the virtual asset business,

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         (iii)     the website address where the person conducts the virtual asset business from or intends to conduct the virtual asset business from,

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         (iv)     the name of any other country where the person offers or intends to offer the virtual asset business;

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      (d)     the name and address of a person who holds a management position or is authorized to represent the applicant;

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      (e)     the name and address of an affiliate company within and outside Saint Lucia;

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      (f)     the name and address of directors, beneficial owners and significant shareholders;

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      (g)     the name and address of a principal representative or proposed principal representative required under section 11;

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      (h)     written policies, rules and procedures for anti-money laundering, counter-proliferation financing and counter-terrorist financing measures, data management and protection, security access control and cyber security safeguards;

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      (i)     a copy of a risk assessment of the products and services to be provided; and

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      (j)     any other information the Authority requires for the purpose of determining an application.

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   (3)   An application for a licence under subsection (1) must be accompanied by —

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      (a)     the prescribed application fee;

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      (b)     a copy of a government-issued identification for a director, officer and person authorized to represent the applicant; and

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      (c)     certified copies of the instruments by which the person is constituted or established.

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   (4)   A virtual asset business which is licensed under this Act is not required to be licensed under the Trade Licences Act.

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   (5)   A person shall not, in an application for a licence, make a false or misleading declaration or submit false or misleading documents in support of the application.

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   (6)   An application for a licence which contains a false or misleading declaration or is supported by false or misleading documents is void.

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   (7)   A person who contravenes subsection (5) is liable on summary conviction to a fine not exceeding $10,000 and imprisonment for a term not exceeding 2 years and is prohibited from making another application for a licence under this section.