The Virtual Assets Act 2022 of Botswana provides the Regulatory Authority with the authority to take immediate actions, including suspension or revocation of a license, in certain exceptional circumstances. Here are the key provisions:
Emergency Actions Without Notice:
Immediate Suspension:
The Regulatory Authority has the power to suspend a license without providing prior notice when it deems an immediate suspension necessary to protect the public interest.
Immediate Revocation:
A license may be immediately revoked without prior suspension if the license holder has made a specific request for revocation.
Revocation Without Suspension for Public Interest:
The Regulatory Authority may immediately revoke a license, without prior suspension, if it considers it necessary in the public interest for specified reasons outlined in section 13 (a) to (d), (f), and (h).
Prompt Notification of Decision:
Notification Requirement:
Regardless of the emergency action taken, the Regulatory Authority is obligated to notify the license holder of its decision as soon as practicable.
Written Notification:
The notification to the license holder must be in writing, clearly stating the decision and the reasons for it.
These provisions recognize the Regulatory Authority’s need to respond swiftly in critical situations where public interest or safety is at risk. However, the requirement for prompt written notification ensures transparency and accountability in communicating the decision to the license holder.
