(1) The Authority shall, on receipt of an application for a licence under section 5, cause a review of the application for a licence and consider whether to grant or refuse to grant the application for a licence.
(2) The Authority shall not grant a licence unless the Authority is satisfied that the —
(a) person is a fit and proper person to be engaged in a virtual asset business;
(b) application satisfies the requirements under section 5 and the prescribed application fee is paid;
(c) requirements of this Act have been complied with; and
(d) person is able to fulfil the obligations of a licensee under this Act.
(3) The Authority may request further information or documents from a person, whether or not an applicant, for the purpose of considering whether to approve or refuse an application for a licence.
(4) The Authority shall notify the applicant in writing —
(a) of the approval of the application for a licence; or
(b) of the refusal of the application for a licence and provide the reason for the refusal unless to do so would be contrary to the public interest.