C. Significant FRVA Issuers
Effective from Sep 19 2023 - Sep 18 2023
To view other versions open the versions tab on the right
| 1. |
VARA may, in its sole and absolute discretion, designate any VASP Licensed to issue an FRVA as a Significant FRVA Issuer at the time of issuing a Licence or anytime thereafter. | |||
| 2. |
In designating a VASP as a Significant FRVA Issuer, VARA may consider all factors relevant to the VASP and/or the FRVA issued by the VASP, including but not limited to— |
|||
| a. | the number of holders of the FRVA; | |||
| b. | the value of circulating and/or outstanding supply of the FRVA; | |||
| c. | the value of the Reserve Assets maintained by the VASP; | |||
| d. | the number and value of transactions in the FRVA; | |||
| e. |
whether the VASP and/or its affiliates carry out any other VA Activity[ies] and/or financial services in the Emirate, or provide services similar to VA Activities and/or financial services in other jurisdictions; | |||
| f. | interconnectedness with licensed financial institutions and/or VASPs; and/or | |||
| g. |
the business, structural and operational complexity of the VASP in relation to the FRVA issued by it. |
|||
| 3. |
VARA may, in its sole and absolute discretion, impose any Rules on a Significant FRVA Issuer in addition to those contained in the Rulebooks, which may include, but not be limited to, additional Rules on— |
|||
| a. | company structure and corporate governance; | |||
| b. | Paid-Up Capital, Net Liquid Assets, Insurance and/or Reserve Assets; | |||
| c. | audits, regulatory reporting and regulatory notifications; and/or | |||
| d. |
any other matter as VARA deems appropriate. |
|||