| Term |
Definition |
| “Board” |
has the meaning ascribed to it in the Company Rulebook. |
| “Capital and Prudential Requirements” |
has the meaning ascribed to it in the Company Rulebook. |
| “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. |
| “Directive” |
has the meaning ascribed to it in the Regulations. |
| “Distributed Ledger Technology” or “DLT” |
has the meaning ascribed to the term “Distributed Ledger Technology” in the Dubai VA Law. |
| “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. |
| “Exchange Services” |
has the meaning ascribed to it in Schedule 1 of the Regulations. |
| “Exchange Services Rulebook” |
means this Exchange Services Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time. |
| “Fiat-Referenced Virtual Asset” |
|
means a type of Virtual Asset that purports to maintain a stable value in relation to the value of one or more fiat currencies, can be digitally traded and functions as—
|
| [a] |
a medium of exchange; |
| [b] |
a unit of account; and/or |
| [c] |
a store of value, |
|
but does not have legal tender status in any jurisdiction. A Fiat-Referenced Virtual Asset is neither issued nor guaranteed by any jurisdiction, and fulfils the above functions only by agreement within the community of users of the Fiat-Referenced Virtual Asset.
|
|
| “Group” |
has the meaning ascribed to it in the Company Rulebook. |
| “Initial Margin” |
|
means the amount deposited by the client in the Margin Trading Account which shall be at least the greater of—
|
| [a] |
the Maintenance Margin; or |
| [b] |
such greater amount as VARA may from time to time require for a specific VASP or Virtual Asset. |
|
| “Institutional Investor” |
has the meaning ascribed to it in the Market Conduct Rulebook. |
| “Licence” |
has the meaning ascribed to it in the Regulations. |
| “Licensed” |
means holding a valid Licence. |
| “Maintenance Margin” |
means the margin that must be maintained in all Margin Trading Accounts which shall not be less than thirty percent [30%] of the VA’s market value in the Margin Trading Account at any time after the purchase date, or such greater amount as VARA may from time to time require for a specific VASP or Virtual Asset. |
| “Margin” |
means any Initial Margin or Maintenance Margin provided by a client in support of Margin Trading services. |
| “Margin Trading” |
means the financing made by a VASP of a proportion or multiple of the market value of the Virtual Assets financed on margin, and secured as collateral by the Virtual Assets available in the Margin Trading Account or any other collateral in the cases exclusively stated in these Rules. |
| “Margin Trading Account” |
means a type of client account with the VASP, through which dealings in Virtual Assets financed on Margin are executed. |
| “Margin Trading Agreement” |
means the agreement between the VASP and the client specifying the terms and conditions governing the relationship between them in relation to Margin Trading. |
| “Market Conduct Rulebook” |
means the Market Conduct Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time. |
| “Market Offences” |
has the meaning ascribed to it in the Regulations. |
| “Operational Exposure” |
has the meaning ascribed to it in the Regulations. |
| “Paid-Up Capital” |
has the meaning ascribed to it in the Company Rulebook. |
| “Qualified Investor” |
has the meaning ascribed to it in the Market Conduct Rulebook. |
| “Regulations” |
means the Virtual Assets and Related Activities Regulations 2023, as may be amended from time to time. |
| “Retail Investor” |
has the meaning ascribed to it in the Market Conduct Rulebook. |
| “Rule” |
has the meaning ascribed to it in the Regulations. |
| “Rulebook” |
has the meaning ascribed to it in the Regulations. |
| “Senior Management” |
has the meaning ascribed to it in the Company Rulebook. |
| “Technology and Information Rulebook” |
means the Technology and Information Rulebook issued by VARA pursuant to the Regulations, as may be amended VARA from time to time. |
| “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 authorised 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. |
| “Working Day” |
has the meaning ascribed to it in the Regulations. |