| Term |
Definition |
| “Client Agreements” |
has the meaning ascribed to it in the Market Conduct Rulebook. |
| “Company Rulebook” |
means the Company Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time. |
| “Compliance and Risk Management Rulebook” |
means the Compliance and Risk Management Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time. |
| “Custody Services” |
has the meaning ascribed to it in Schedule 1 of the Regulations. |
| “Custody Services Rulebook” |
means this Custody Services Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time. |
| “Directive” |
has the meaning ascribed to it in the Regulations. |
| “DLT Standards” |
has the meaning ascribed to it in Rule IV.E.1 of this Custody Services Rulebook. |
| “Dubai VA Law” |
means Law No. [4] of 2022 Regulating Virtual Assets in the Emirate of Dubai, as may be amended from time to time. |
| “Emirate” |
means all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. |
| “Entity” |
means any legal entity or individual. |
| “Group” |
has the meaning ascribed to it in the Company Rulebook. |
| “Licence” |
has the meaning ascribed to it in the Regulations. |
| “Licensed” |
means holding a valid Licence. |
| “Market Conduct Rulebook” |
means the Market Conduct Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time. |
| “Outsourcing” |
has the meaning ascribed to it in the Company Rulebook. |
| “Paid-Up Capital” |
has the meaning ascribed to it in the Company Rulebook. |
| “Regulations” |
means the Virtual Assets and Related Activities Regulations 2023, as may be amended from time to time. |
| “Reserve Assets” |
has the meaning ascribed to it in the Company Rulebook. |
| “Rule” |
has the meaning ascribed to it in the Regulations. |
| “Rulebook” |
has the meaning ascribed to it in the Regulations. |
| “Staking from Custody Services” |
means ‘staking’ or otherwise using, committing, pledging or locking up Virtual Assets, for which the VASP is providing Custody Services, for the purposes of participating in the consensus mechanisms or other maintenance, operation or functioning of a DLT to which those Virtual Assets relate, and may include receiving rewards generated and distributed for that participation. |
| “Senior Management” |
has the meaning ascribed to it in the Company Rulebook. |
| “UAE” |
means the United Arab Emirates. |
| “VA Activity” |
means the activities listed in Schedule 1 of the Regulations, as may be amended from time to time. |
| “VARA” |
means the Dubai Virtual Assets Regulatory Authority. |
| “VASP” |
means an Entity Licensed by VARA to conduct VA Activity[ies] in the Emirate. |
| “Virtual Asset” or “VA” |
has the meaning ascribed to it in the Dubai VA Law. |
| “VA Wallet” |
has the meaning ascribed to the term “Virtual Asset Wallet” in the Dubai VA Law. |