Virtual Asset Business Bill on the way. Ready to discuss?

A draft version of the Virtual Asset Business Bill – and its proposals – will soon be made available for consultation to industry stakeholders. 

Cabinet, which met this Friday, is also to send “drafting instructions” to the Attorney General’s Office to finalise the new legislation. 

According to Cabinet decisions released on Friday afternoon, the Virtual Asset Business Bill will serve as a regulatory framework for virtual asset service providers and the initial issuers of token offerings.

It reportedly also makes provision for the licensing, supervision and monitoring of virtual asset service providers; the registration procedures and requirements for the issuance of initial token offerings; 

the technical requirements, governance structures, risk management and information disclosure issues for virtual asset service providers; 

the protection of the interests of clients of virtual asset service providers; and 

compliance with international standards of the on anti-money laundering and combatting the financing of terrorism and activities related to the proliferation of weapons of mass destruction.