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  • Part 10

    • Article (37): Enforcement and Sanctions

      Violation of any provision of this Regulation or committing any of the violations provided for under the Central Bank Law may subject the Licensee or Registree to administrative and financial sanctions and penalties as deemed appropriate by the Central Bank.

    • Article (38): Additional Information Gathering Powers

      1.

      The Central Bank may require the following persons to provide it with such information as the Central Bank considers necessary:

      a)Licensees and Registrees;
      b)providers of Virtual Asset services who are not Licensed or Registered by the Central Bank or licensed or regulated by SCA or any Local Licensing Authority with respect to those activities.
      2.

      The Central Bank may enter into information-sharing agreements or other memoranda of understanding with, or otherwise request the following persons to provide it with such information as the Central Bank considers helpful in order to exercise its powers or meet its objectives under this Regulation:

      a)SCA;
      b)any Local Licensing Authority;
      c)other regulators.

    • Article (39): Amendment to Retail Payment Services and Card Schemes Regulation and Stored Value Facilities (SVF) Regulation

      1.A Person licensed under the Retail Payment Services and Card Schemes Regulation or Stored Value Facilities (SVF) Regulation with respect to Crypto-Asset, Virtual Asset Token or Virtual Asset activities shall cease to be licensed with respect to those activities under either Regulation following the end of the Transition Period.
      2.The Retail Payment Services and Card Schemes Regulation shall not apply with respect to Crypto-Assets, Virtual Asset Tokens, Virtual Assets Service Providers or Virtual Asset Token Services (each as defined in the Retail Payment Services and Card Schemes Regulation), with effect from the end of the Transition Period.
      3.The Stored Value Facilities (SVF) Regulation shall not apply with respect to Crypto-Assets, Virtual Assets or Virtual Asset Service Providers (each as defined in the Stored Value Facilities (SVF) Regulation), with effect from the end of the Transition Period.

    • Article (40): Transition Period

      1.

      There shall be a one calendar year period following the commencement of this Regulation during which Article (2) shall not apply (the “Transition Period”).

      2.

      The Central Bank may extend the Transition Period at its discretion.

      3.

      Notwithstanding Article (40)1, if the Central Bank determines that a service provider is unlikely to be able to comply with any provision of Article (2) following the Transition Period, it may order the cessation of any aspect of that service provider’s business which is within scope of this Regulation.

    • Article (41): Interpretation of Regulation

      The Regulatory Development Department of the Central Bank shall be the reference for interpretation of the provisions of this Regulation.

    • Article (42): Publication & Application

      This Regulation shall be published in the Official Gazette in both Arabic and English and shall come into effect one month from the date of publication.