| 1. |
VARA may, in its sole and absolute discretion, revoke an approval if the Entity which has received the approval—
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| |
a. |
has not issued the Virtual Asset within six [6] months after the approval has been granted; |
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b. |
has obtained the approval by making false or misleading statements including, but not limited to, in the Whitepaper, in providing the information in Rule I.E.2 above or in any other communications with VARA or the public; |
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c. |
no longer meets, or is in breach of, any of the conditions imposed by VARA in relation to the approval; |
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d. |
has infringed any Regulation, Rule or Directive; |
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e. |
has infringed any regulatory requirements applicable in other jurisdictions; |
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f. |
is Insolvent, subject to Insolvency Proceedings or otherwise has been put under an orderly wind down plan in accordance with applicable insolvency laws; or |
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g. |
has decided to stop its operations.
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| 2. |
Entities shall immediately notify VARA of any of the situations referred to in Rule I.H.1 of this VA Issuance Rulebook. |
| 3. |
In respect of any Virtual Asset which has already been issued or in the process of being issued, VARA may require an Issuer to suspend issuing the Virtual Asset, or issuing further Virtual Assets, if VARA believes a Virtual Asset, how it is being issued or the Issuer does not comply with any aspect of this VA Issuance Rulebook. VARA may also impose additional conditions and/or take further enforcement action within its power including, but not limited to, imposing fines or penalties. |