Introduction
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This Virtual Asset Issuance Rulebook [VA Issuance Rulebook] is issued by VARA pursuant to the Virtual Assets and Related Activities Regulations 2023 [the Regulations] and includes requirements that all Entities in the Emirate wishing to issue a Virtual Asset must follow.
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| The requirements defined herein cover explicit categories and conditions to be met for VA issuances in each category, including but not limited to: |
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| • | Category 1 VA issuances that require a VARA Licence; | |||
| • | Category 2 VA issuances that require VARA approval prior to issuance; | |||
| • | Based on the definitions assigned to certain types of Virtual Assets, thresholds of financial and client exposure, and corporate market assurance and/or responsible reporting for Category 1 and Category 2 VA issuances specifically; and | |||
| • | Compliance with general Rules in this VA Issuance Rulebook relating to conduct of business principles [Part II], Whitepaper disclosure requirements [Part III], and ongoing compliance obligations post-issuance [Part IV] for all VA issuances. |
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VARA views the Rules contained in this VA Issuance Rulebook as a starting point for the regulation of Virtual Assets which are issued by Entities in the Emirate and these Rules operate in addition to the regulation of VA Activities carried out in the Emirate.
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In order to address emerging risks and the continually evolving developments in the Virtual Assets sector globally and in the Emirate, VARA will continue to monitor these Rules and amend them from time to time. In addition to the Rules in this VA Issuance Rulebook, specific Rules or Directives for certain types of Virtual Assets [as defined by VARA] shall be made available from time to time.
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The most updated version of the Regulations, this VA Issuance Rulebook and any additional Rules or Directives shall be made available on VARA’s website.
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Capitalised terms in this VA Issuance Rulebook have the meanings defined herein or as defined in Schedule 1.
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| DISCLAIMER |
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| Any Licence or approval granted by VARA under this VA Issuance Rulebook is not an endorsement of either [i] the Issuer or [ii] the Virtual Asset and must not be construed or considered as such. |
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| Unless otherwise specified in its communications, VARA makes no representation and does not provide any warranties regarding any Issuer or Virtual Asset including, but not limited to, their fitness for purpose, suitability or regulatory status in any jurisdiction other than the Emirate of Dubai, UAE. |
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| Any representation contrary to the above shall be deemed to be a breach of the Virtual Assets and Related Activities Regulations 2023. | ||||