You're welcome
Here are the different Acts for easy reference.
E-Business Act 2000
E-Business Act 2000
E-Business (Amendment) Act 2007
E-Business (Amendment) Act 2007
Electronic Transactions Act 2000
Electronic Transactions Act 2000
International Companies (Amendment) Act 2006
International Companies (Amendment) Act 2006
Financial Transactions Reporting Act 2000
Financial Transactions Reporting Act 2000
I like this change in the Act.
From EBA 2000:
Quote:
Cybersuite account to be maintained with National Bank of Vanuatu
18 (1) A company must keep an account with the National Bank of Vanuatu for use for all transactions conducted through its cybersuites.
(2) If a company contravenes subsection (1), the company is guilty of an offence punishable on conviction by a fine not exceeding VT 5 million.
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If I recall correctly GDT were talking about this not being possible with their business model back in mid 2006... On the morning of the 27th of July if I'm not mistaking.
That part of the Act has now been amended to:
Quote:
""18. E-currency services and e-services provider
(1). A company that is incorporated under the Companies Act may apply to the Minister for a licence to conduct an internet-based e-currency business.
(2). The Minister may issue, upon payment of the prescribed fee, a licence to a company to conduct an internet-based e-currency business if the Minister is satisfied that the company possesses the required expertise and skills to conduct such business.
(3). Upon issuing a licence under subsection (2), the Minister is to appoint the company referred to under subsection (2) as an e-services provider.
(4). The appointment made under subsection (3) must be published in the Gazette.
(5). The terms and conditions and the period of appointment are to be set out in a licensing agreement between the Minister and the e-services provider.
(6). An e-services provider is:
(a). not deemed to be a financial institution as a consequence of it providing e-currency services; and
(b). not deemed to be carrying on international banking business under the International Banking Act; and
(c). bound by the Financial Transactions Reporting Act; and
(d). bound by the Code.
(7). An e-services provider must not carry on any business activities other than the e-currency services and such other activities that are incidental to or in furtherance of its e-currency services.
(8). The prescribed fee referred to under subsection (2) is payable to the Commission.
(9). Subject to subsection (10), the e-services provider may establish and maintain such bank accounts in such jurisdiction as it determines necessary for it to provide e-currency services.
(10). An e-services provider must not:
(a). establish and maintain a bank account with any financial institution that does not have an effective anti- money laundering policy; and
(b). establish and maintain any bank account in a jurisdiction that does not have a Financial Transactions Reporting Act or other laws or regulations which are equivalent to the Financial Transactions Reporting Act.""
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Regards,
Will
