VASP 2024 Annual Renewal Fees (2023-11-17)

Summary

This is a short industry notice from CIMA reminding all registered virtual asset service providers (VASPs) about their 2024 annual renewal fees. Per Schedule 2 of the Virtual Asset (Service Providers) Regulations, 2020, the 2024 renewal fee for each registrant will be the same amount as the fee originally paid at the time of registration -- no fee increase is being applied.

• Deadline: Registrants must pay their 2024 annual renewal fee by 15 January 2024.
• Penalty for non-payment: Failure to pay by that date will trigger penalties for non-payment as set out in section 5(5) of the Virtual Asset (Service Providers) Act (2022 Revision).

This notice applies only to entities already registered with CIMA as virtual asset service providers under the VASP framework. It does not create new substantive requirements beyond the existing statutory fee and penalty regime, but serves as a compliance reminder with a hard deadline.

Key obligations

• Registered virtual asset service providers must pay their 2024 annual renewal fee (equal to the amount paid at registration) by 15 January 2024, or penalties for non-payment will accrue under section 5(5) of the Virtual Assets (Service Providers) Act (2022 Revision).

Applies to

virtual asset service providers, registrants

Deadlines

• 15 January 2024: Deadline for registered VASPs to pay their 2024 annual renewal fee, after which non-payment penalties accrue under section 5(5) of the Virtual Assets (Service Providers) Act (2022 Revision).