SUPERVISION AND REGULATION
The Fund Supply Act 2017 (“the Act”) provides the statutory basis for regulating funds to worldwide. The Act deals with the establishment, operation and regulation of crypto funds, crypto assets, and holding funds and is intended to protect the global entrepreneurs and business owners.
Regulation procedures differ under the Act based on the type of fund under consideration: i.e. Crypto fund, Professional Class A and Professional Class B Unused funds, institutional, administered, and standard. Fund Supplier for worldwide are governed by the Crypto Fund Act 2017. With a total circulating suppliable asset size of almost US$85 trillion.
Licensing
Applications
Entities proposing to carry on fund supplier business in or from worldwide must apply to become licensed in accordance with the requirements set out in Part III Fund Supply of the Crypto Funds Act 2017.
Applicants should refer to the documents available in Regulatory Legislative Documents under Policy and Guidance for additional resources to assist them with the completion of the application process.
Applications for licensing under the Act should be submitted to [email protected] together with the appropriate forms and documents, copies of which are available in the Regulatory Legislative Documents under Reporting Forms & Guidelines.
The following additional information should form part of all applications:
Anti-Money Laundering and Anti-Terrorist Financing policies and procedures to ensure compliance with the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008
Policies and procedures to ensure compliance with the Worldwide Monetary Authority Corporate Governance Policy For Licensees under the Crypto Funds Act 2017
Proof that the minimum net asset requirement of $1B is secured
Certificate of adequate insurance cover obtained
Certificate of Incorporation & Memorandum & Articles of Association
An application fee as prescribed in the ‘Fees & Penalties’ section and
Additional documents the Authority may require.
READ IMPORTANTS
Enforcement
Enforcement Action
Segregated Guarantee Funds