106M.— (1) The holder of a registration commits an offence if the holder fails to comply with—

(a) any condition of the registration, or

(b) any prescribed requirements.

(2) A person who commits an offence under this section is liable—

(a) on summary conviction, to a class C fine, or

(b) on conviction on indictment, to a fine not exceeding €100,000.

(3) The Bank may prescribe requirements for the purposes of subsection (1)(b) only if the Bank is satisfied that it is necessary to do so for the proper and orderly regulation of the business of virtual asset service providers and, in particular, for preventing such businesses from being used to carry out money laundering or terrorist financing.]