Part II – General Rules | Virtual Assets Regulatory Authority (VARA)

Part II – General Rules

Effective from Feb 07 2023 - Sep 18 2023
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1.	Issuers shall comply with the following general Rules when conducting all their business from/through the Emirate, including issuing any Virtual Asset—
	a.	Integrity - honesty and fairness: All Issuers should act truthfully, justly and equitably, in good faith serving the best interests of their clients, yet at all times preserving market integrity, including but not limited to using clear and transparent wording in all communications and public disclosures, treating all holders of the Virtual Asset fairly, and engaging in ethical market practices;
	b.	Diligence: All Issuers must act with the due skill, care and diligence reasonably expected of an Issuer taking into the account the nature of the Virtual Asset;
	c.	Capabilities and resource: All Issuers must have and effectively employ the necessary resources [including technical, financial and otherwise], for the sound, effective and efficient operation of the issuance taking into the account the nature of the Virtual Asset, as well as all applicable legal and regulatory requirements;
	d.	Effective disclosures: All Issuers must ensure that all disclosures are clear, concise and effective and should contain all information necessary for its clients, customers or investors [including holders or prospective holders of the Virtual Asset] to make an informed decision and be kept up-to-date. All Issuers should dispatch information in a timely manner if ongoing disclosure is required by any relevant authorities, including but not limited to VARA;
	e.	Legal and regulatory compliance: All Issuers must comply with all applicable laws and regulatory requirements in the UAE and as may apply to its business or operations in any jurisdiction at all times including but not limited to consumer protection laws; and
	f.	Environmental responsibility: All Issuers must act in an environmentally responsible manner, including but not limited to mitigating negative environmental impacts of the Virtual Asset, and disclosing how it identifies, assesses and manages other climate-related risks relevant to the issuance and/or the Virtual Asset.