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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 23 April 2021 - onwards
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106P. Revocation of registration other than on application of holder.

(1) The Bank may revoke a registration under this Chapter only if the Bank has reasonable grounds to be satisfied of any of the following:

(a) the holder of the registration has not commenced carrying on business as a virtual asset service provider within 12 months after the date on which the registration was granted;

(b) the holder of the registration has not carried on such a business within the immediately preceding 6 months;

(c) the registration was obtained by means of a false or misleading representation;

(d) any of the following persons is not a fit and proper person:

(i) the holder of the registration;

(ii) in a case where the holder of the registration is a body corporate, a partnership or an individual carrying on business as a virtual asset service provider, any principal officer of the body corporate or partnership (as the case may be);

(iii) any person who is a beneficial owner of the business concerned;

(e) the holder of the registration has contravened or is contravening

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