B. Implementation and Control
Effective from Feb 07 2023 - Feb 06 2023
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| 1. | VASPs shall regularly, and on an ongoing basis, assess relevant information to ensure that a Virtual Asset that it provides VA Activities in relation to continues to meet its VA Standards. | |
| 2. | VASPs must maintain all records relevant to such assessments for eight [8] years and provide such records for VARA’s inspection upon request. | |
| 3. | VASPs shall set conditions under which VA Activities in relation to a Virtual Asset may be suspended, including where a Virtual Asset no longer meets its VA Standards. VASPs shall have and implement all necessary operational procedures and controls in the event such conditions are met. | |
| 4. | VASPs shall notify VARA as soon as possible after becoming aware that a Virtual Asset no longer meets its VA Standards and shall take such steps as VARA may direct to minimise any adverse impact on clients arising as a result. | |
| 5. | VARA shall have the right to require the suspension of a VA Activity in respect of any Virtual Asset upon reasonable grounds it deems appropriate. |
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