A. General Requirement

Effective from Feb 07 2023 - Sep 18 2023
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1.	Any Entity in the Emirate that issues a Virtual Asset in the course of a business, must comply with this VA Issuance Rulebook, as may be amended by VARA from time to time.
2.	“In the course of a business” requirement. For the purposes of Rule I.A.1 of this VA Issuance Rulebook, in determining whether an Entity has issued a Virtual Asset in the course of a business, VARA shall retain sole and absolute discretion, however will have regard to the following factors—
	a.	whether the Entity holds itself out as issuing the Virtual Asset in the course of a business;
	b.	the regularity, scale and continuity with which the Entity issues Virtual Assets;
	c.	whether there is any direct or indirect commercial element to the Virtual Asset or how the Virtual Asset is issued, such as whether the Entity receives remuneration or other value in kind, commercial benefit or if it is related to any commercial or business activity in any way;
	d.	includes not-for-profit, non-profit and charitable organisations, foundations, associations and activity; and
	e.	Virtual Assets that are issued for personal, non-commercial use only will not be deemed to be in the course of a business.