Latvijas Banka may cancel the authorisation issued to a crypto-asset service provider or an issuer of asset-referenced tokens (ARTs), if a crypto-asset service provider or an issuer of ARTs has taken a decision to terminate its activities or issue of tokens and has submitted to Latvijas Banka a written application for the cancellation of its authorisation.
Process to cancel authorisation
A crypto-asset service provider or an issuer of ARTs:
- prepares an application and submits it to Latvijas Banka;
- carries out the final settlement of payments to Latvijas Banka in accordance with the Regulation on the Amount of Payments by Financial Market Participants and the Procedure for Calculating and Making These Payments.
Latvijas Banka:
- reviews the application of the market participant for the cancellation of its authorisation and the documents appended thereto;
- prepares and takes a decision to cancel authorisation;
- informs the market participant of the decision taken, also providing the data on the remaining payments to Latvijas Banka;
- publishes an announcement on Latvijas Banka's website;
- informs the European Securities and Markets Authority at the moment when authorisation to issue ARTs is cancelled.