Virtual Asset (Service Providers) (Amendment) (No.2) Act, 2023 (Commencement) Order, 2024 (SL 25 of 2024)

Summary

This is a short Cabinet Order that brings into force the Virtual Asset (Service Providers) (Amendment) (No. 2) Act, 2023 (Act 22 of 2023). It does not itself set out new substantive rules; it simply fixes the date on which the previously passed amendment Act takes legal effect. The Order was made under the commencement power in section 1(2) of the amendment Act.

• Effective date: The Order states that the Virtual Asset (Service Providers) (Amendment) (No. 2) Act, 2023 comes into force on 31 July 2024.
• Effect from that date: From that date, the substantive changes made by that amendment Act to the Virtual Asset (Service Providers) Act become operative and binding on virtual asset service providers and other persons subject to that regime.
• Where to find the substantive changes: Readers needing to know the actual content of the changes (e.g. new licensing, registration, or compliance requirements) must consult the text of Act 22 of 2023 itself, which this Order does not reproduce.

Because this document is purely a commencement mechanism, it creates no independent compliance obligations beyond confirming the effective date of the underlying amendment Act.

Applies to

virtual asset service providers

Deadlines

• 31st July, 2024: Date on which the Virtual Asset (Service Providers) (Amendment) (No. 2) Act, 2023 comes into force