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  • Part VII – Trading Own Account

    • A. General Prohibition

      1. VASPs are prohibited from actively investing their own, or their Group’s, portfolio of Virtual Assets or any other assets.
      2. The general prohibition in Rule VII.A.1 of this Market Conduct Rulebook above does not prevent VASPs from entering into transactions in Virtual Assets or any other assets for the purpose of prudent management of Net Liquid Assets required to be held by the VASP, provided that VASPs must maintain full records of all transactions and such records must be held for a period of eight [8] years.
      3. VARA shall have sole and absolute discretion in determining whether any transactions in Virtual Assets, or any other assets, made by a VASP constitute actively investing with their own portfolio of Virtual Assets or any other assets. In making such determination VARA will take into account the following—
        a. frequency of transactions;
        b. the Virtual Assets or other assets involved in the transactions;
        c. volume of transactions;
        d. nature of transactions including duration; and
        e. nature of any profits generated by such transactions and significance in relation to the financial condition of the VASP.
    • B. Group Entities

      1. All Entities in the Emirate, including those which are in the same Group as a VASP, must comply with Regulation IV.A.7 [if applicable].
      2. Irrespective of the applicability of Rule VII.B.1 of this Market Conduct Rulebook, VASPs must comply with the reporting requirements set out in the Compliance and Risk Management Rulebook in respect of all Entities in their Group that actively invests their own, or the Group’s, portfolio of Virtual Assets or any other assets.