Saint Kitts and NevisSaint Kitts and Nevis Virtual Asset Act, Registrant's Cyber-Threat Protection Measures
Virtual Asset Act (Cap. 21.29; Act 1 of 2020), s. 9(5)(b)
In force since .
A sector security regimes rule binding private bodies.
- Instrument type
- an act of a legislature
- Obligation class
- Security
As of .
What it requires
- This binds a person registered with the Financial Services Regulatory Commission under the Virtual Asset Act (Cap. 21.29) to offer or operate virtual asset business in or from Saint Christopher and Nevis: exchange between a virtual asset and fiat currency, exchange between forms of virtual assets, transfer of a virtual asset, safekeeping or administration of a virtual asset, or participation in and provision of financial services related to an issue or sale of a virtual asset (sections 2(1), 3 and 4(1)) (reached by declaring that you are a crypto-asset provider).
- Implement and maintain measures to protect your operations, and the personal information you collect and store, from cyber threats (section 9(5)(b)).
- With your application for registration, provide policies and procedures for data protection, security and confidentiality, and cyber-security safeguards (section 6(2)(i) and (j)).
These lines are LexLint's reading of the law's text, as of .
If you get it wrong
Criminal exposureYes
Criminal exposure note
Section 16(1)(d) makes contravening a provision of the Act an offence, and section 16(2) sets, for an offence for which no penalty is provided, a fine not exceeding one hundred thousand dollars and imprisonment for a period not exceeding five years on summary conviction.
Who enforces it
Enforcement body
The Financial Services Regulatory Commission, which the Act defines as the Authority.
Settledness
- As of
- Open questions
- Does the Virtual Assets (Amendment) Act passed by the National Assembly in March 2021 change section 9(5)(b)?
What this law does
Section 9(5)(b) of the Virtual Asset Act requires a registrant to implement and maintain measures to protect the operations of the registrant and personal information collected and stored by the registrant from cyber threats. Section 6(2) of the Act requires an application for registration to include policies and procedures for data protection, security and confidentiality and cyber-security safeguards.
The Act applies to any person who offers or operates virtual asset business to residents of Saint Christopher and Nevis or from Saint Christopher and Nevis. Section 16(1)(d) of the Act makes it an offence to otherwise contravene a provision of the Act. Section 16(2) of the Act sets, for an offence for which no penalty is provided, a fine not exceeding one hundred thousand dollars and imprisonment for a period not exceeding five years on summary conviction. The revised edition of the Act shows it in force from .
When LexLint raises it
When your app profile says your app is a crypto-asset provider.