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  • CRA-1.3 CRA-1.3 Cancellation or Amendment of License

    • Voluntary Surrender of a License

      • CRA-1.3.1

        In accordance with Article 50 of the CBB Law, licensees wishing to cease carrying out all the approved regulated services, must obtain the CBB's written approval, before ceasing their activities. All such requests must be made in writing to the Director, Capital Markets Supervision, setting out in full the reasons for the request and how the business is to be wound up.

        Amended: April 2023
        Added: April 2019

      • CRA-1.3.2

        Licensees must satisfy the CBB that their clients' interests are to be safeguarded during and after the proposed cancellation.

        Added: April 2019

      • CRA-1.3.3

        The CBB will approve a request for cancellation of license by a licensee where there is no outstanding regulatory concerns and client interests would not be prejudiced. A voluntary surrender will only be allowed to take effect once the licensee, in the opinion of the CBB, has discharged all its regulatory obligations towards clients.

        Amended: April 2023
        Added: April 2019

    • Cancellation of a License by the CBB

      • CRA-1.3.4

        Pursuant to Article 48 (c) of the CBB Law, the CBB may cancel a license, for instance if a licensee fails to satisfy any of its existing license conditions or in order to protect the legitimate interests of clients or creditors of the licensee. The CBB generally views the cancellation of a license as appropriate only in the most serious of circumstances, and generally tries to address supervisory concerns through other means beforehand.

        Amended: April 2023
        Added: April 2019

      • CRA-1.3.5

        The procedures for cancellation of a license are contained in Articles 48 and 49 of the CBB Law.

        Amended: April 2023
        Added: April 2019

      • CRA-1.3.6

        The CBB will only effect the cancellation once a licensee has discharged all its regulatory responsibilities to clients. Until such time, the CBB will retain all its regulatory powers towards the licensee and will direct the licensee so that no new regulated crypto-asset services may be undertaken whilst the licensee discharges its obligations to its clients.

        Amended: April 2023
        Added: April 2019

    • Amendment to the scope of regulated services under the license or Amendment of the license

      • CRA-1.3.7

        Licensees wishing to vary the scope of the regulated services under their existing license, whether by adding or ceasing some services, must obtain the CBB’s prior written approval. The CBB’s prior written approval must also be sought in relation to an amendment to the licensee’s license category.

        Added: April 2023