(1) Where the Authority approves an application for a licence under section 6, the person shall pay the prescribed licence fee.
(2) The Authority shall, on being satisfied that the licence fee has been paid, —
(a) register the licensee in the register; and
(b) issue a licence in the prescribed form.
(3) The licence issued under subsection (2) is valid from the date it is issued until the 31st day of December of the same year.
(4) For each year a licensee continues to offer or operate a virtual asset business, the licensee shall renew his or her licence by paying the prescribed licence fee on or before the 31st day of January of each year.
(5) The fee for the renewal of a licence is the same as the fee for a licence.
(6) The Authority shall issue a licence for each renewal of a licence in accordance with subsection (3).