Skip to main content
Entire section Custom print Text Only Rich Text Print

  • Part II – Policies, Procedures and Public Disclosures

    • A. Policies and Procedures

      1. In addition to all other requirements in the Regulations and Rulebooks, VASPs providing Custody Services shall establish, implement and enforce appropriate written internal policies and procedures relating to the following—
       
        a. the ability of clients to have access to and withdraw their Virtual Assets including, but not limited to, during periods of high uncertainty and/or extreme volatility; and
        b. such other policies or procedures as VARA may require from time to time.
       
      2. VASPs providing Custody Services shall assess and, in any case, at least yearly review the effectiveness of their policies and procedures, and take appropriate measures to address any deficiencies.
       

    • B. Public Disclosures

      1. VASPs providing Custody Services shall publish on their website in a prominent place or make available by other publicly accessible means—
       
        a. a detailed description of any actual or potential conflicts of interest arising out of their activities, and how these are managed;
        b. their policies and procedures relating to data privacy, whistleblowing and handling of client complaints; and
        c. a statement of whether the VASP has accounts, funds or Virtual Assets maintained by a third party and if so, provide the identity of that third party.|
       
      2. Other disclosable matters. To the extent permissible under applicable laws, VASPs providing Custody Services shall publish on their website or by other publicly accessible means—
       
        a. details of any past convictions or prosecutions of any member[s] of their Senior Management or Board, whether before the courts of the UAE or the courts of another jurisdiction; and
        b. any such other information relating to their business or activities as VARA may reasonably require.
       
      3. The disclosure requirements set out in this Rule II.B of this Custody Services Rulebook are in addition to all disclosures required under the Market Conduct Rulebook, and to all notifications to VARA required under the Compliance and Risk Management Rulebook.