(1) If the Bank reasonably believes that there may be grounds for revoking a registration under section 106P, the Bank may serve on the holder of the registration a direction in writing prohibiting the holder from carrying on business as a virtual asset service provider other than in accordance with conditions specified by the Bank in the direction.
(2) The Bank shall include in a direction under this section a statement -
(a) setting out the reasons for giving the direction,
(b) specifying the period during which the direction is to remain in force, and
(c) specifying the conditions with which the holder of the registration is required to comply.
(3) A decision of the Bank to give a direction under subsection (1) is an appealable decision for the purposes of Part VIIA of the Act of 1942.
(4) The Bank may, by notice in writing served on the holder of the registration concerned, amend or revoke a direction given under this section.
(5) Without prejudice to the generality of subsection (
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