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Article no. (33) bis (1)

IA-BOD-RES 10/2019
This article has been added pursuant to Cabinet Resolution No. (24) of 2022.
  1. Every natural or legal person who carries out any of the activities of Virtual Asset Service Providers, provides their products or services or carries out their operations from the state must be licensed, enrolled or registered, as the case may be, by the competent Supervisory Authority.
     
  2. The Supervisory Authority on Virtual Asset Service Providers, each according to its competence, may issue the necessary decisions, circulars and procedures for the purposes of adequate organization thereof, taking into account the identified risks in a manner that achieves compliance with the provisions of the Decree-Law and this Resolution.
     

  3. In all cases, the Supervisory Authority on Virtual Asset Service Providers shall, on its own or in coordination with the concerned authorities, take the necessary measures to determine who carries out any of the activities of the Virtual Asset Service Providers in violation of Clause No. (1) of this Article. It shall also apply the appropriate sanctions against them. These procedures may include the following:
     

    a.Reviewing public and open-source databases to identify relevant ads over the information network or potential business requests by a person who is not licensed, enrolled, nor registered.
     
    b.Establishing feedback channels with Concerned authorities, or communication channels to receive public comments from the public in this regard.
     
    c.Coordinating with the Unit to obtain information available to it such as suspicious transaction reports or the results of other information collection it carried out.
     
    d.Reviewing non-public information, such as information related to the denial, suspension, restriction or revocation of a license, enrollment or registration of virtual asset service provider activities, and any relevant information with law enforcement authorities.
     
  4. Subject to the provisions of Chapter (7) of this Resolution, the concerned authorities may, pursuant to the legislation in force in the State and the international agreements to which the State is a party or based on the condition of reciprocity, execute international cooperation requests related to predicate offenses, money laundering crimes, financing of terrorism, or financing of Illegal Organizations related to virtual assets and Virtual Asset Service Providers as expeditiously and effectively as possible. This shall be applied regardless of the nature and difference in the names of the supervisory Authorities or the status of the Virtual Asset Service Providers in other countries.