106Q.— (1) If the Bank reasonably believes that there may be grounds for revoking a registration under section 106P, the Bank may serve on the holder of the registration a direction in writing prohibiting the holder from carrying on business as a virtual asset service provider other than in accordance with conditions specified by the Bank in the direction.

(2) The Bank shall include in a direction under this section a statement—

(a) setting out the reasons for giving the direction,

(b) specifying the period during which the direction is to remain in force, and

(c) specifying the conditions with which the holder of the registration is required to comply.

(3) A decision of the Bank to give a direction under subsection (1) is an appealable decision for the purposes of Part VIIA of the Act of 1942.

(4) The Bank may, by notice in writing served on the holder of the registration concerned, amend or revoke a direction given under this section.

(5) Without prejudice to the generality of subsection (3), the Bank may, by notice in writing given to the holder of the registration concerned, extend the period during which a direction remains in force by a further period or periods not exceeding 6 months.

(6) A direction under this section takes effect from the date on which it is given or, if a later date is specified in the direction, from that date, whether or not an appeal against the direction is made under this section.

(7) A direction under this section ceases to have effect—

(a) at the end of the period, not exceeding 6 months, specified in the direction, or if the period is extended under subsection (4), at the end of the extended period, or

(b) on the revocation of the holder’s registration under this Chapter,

whichever occurs first.

(8) A person who contravenes a direction given under this section, or fails to comply with a condition contained in the direction, commits an offence.

(9) A person who commits an offence under this section is liable—

(a) on summary conviction, to a class A fine, or

(b) on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years, or both.]