The Virtual Assets Act 2022 of Botswana emphasizes the importance of due process when the Regulatory Authority intends to vary license conditions, impose new conditions, suspend, or revoke a license.
Here is an overview of the procedures that must be followed:
Notification of Intention:
Written Notice:
The Regulatory Authority, when contemplating any of the following actions: varying license conditions, imposing new conditions, suspending, or revoking a license, must provide the license holder with a 21 days’ written notice of its intention.
Reasons for Decision:
The notice must explicitly outline the reasons for the decision that the Regulatory Authority is considering.
License Holder’s Right to Representation:
Timeframe for Representation:
The license holder has the right to make written representations within 14 days after receiving the notice.
Content of Representations:
The license holder’s written representations should comprehensively state reasons why the proposed decision should not be implemented.
Consideration of Representations:
The Regulatory Authority is obligated to consider any representations submitted by the license holder before arriving at a final decision.
Decision Review and Lifting of Suspension:
Satisfaction with Requirements:
If the Regulatory Authority becomes satisfied that the license holder fulfills the requirements of the Virtual Assets Act, it may choose to lift the suspension.
Conditions for Lifting Suspension:
The lifting of suspension may be subject to conditions, and the Regulatory Authority has the discretion to vary or impose new conditions as it deems necessary.
This framework ensures that license holders have an opportunity to present their case and reasons why a proposed decision should not be implemented. It reflects a commitment to fairness, transparency, and accountability in the regulatory process, promoting a balanced and just regulatory environment for virtual asset businesses.
