1.
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In addition to all other requirements in the Regulations and Rulebooks, VASPs providing VA Transfer and Settlement Services shall establish, implement and enforce appropriate written internal policies and procedures relating to the following—
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a.
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how they will rectify any non-executed, defectively executed or incomplete Virtual Assets transmission or transfer, and/or settlement in the course of providing VA Transfer and Settlement Services, including but not limited to refunding affected clients; and |
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b.
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such other policies or procedures as VARA may require from time to time.
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2.
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VASPs providing VA Transfer and Settlement Services shall assess and, in any case at least yearly, review the effectiveness of their policies and procedures and take appropriate measures to address any deficiencies.
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