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General power to issue Rules, Directives and Guidance. VARA may from time to time issue Rules, Directives and Guidance for the purposes of these Regulations or exercising its powers, performing its functions and fulfilling its objectives under the Dubai VA Law. |
| 2. |
Rules.
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a. |
VARA may issue Rules which have binding effect. |
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b. |
All Rules, as may be amended from time to time, shall be—
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contained in these Regulations, any Rulebooks or any other Rule-making instruments; and |
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published by VARA on its website.
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| 3. |
Directives.
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a. |
VARA may from time to time, direct any Entity or VASP, or a specified class of Entities or VASPs, to take or refrain from taking such other action as is specified, and in addition to the requirements set out in these Regulations or Rules, including but not limited to—
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comply with specific regulatory capital or liquidity requirements; |
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ii. |
apply a specific provisioning policy or treatment of specified Virtual Assets; |
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iii. |
comply with specified limits on material risk exposures; |
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comply with specified limits on exposures to related parties; |
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meet additional or more frequent and timely reporting and/or notification requirements; or |
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vi. |
take or refrain from taking any other actions deemed not prudent, or that which may otherwise affect the ability of an Entity or a VASP to comply with applicable laws and regulations, or have an adverse effect on the Virtual Asset market in the UAE, as determined by VARA in its sole and absolute discretion.
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b. |
Directives shall be—
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communicated in writing by VARA to any Entity or VASP to which they relate; and/or |
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published on VARA’s website.
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c. |
Unless otherwise specified or permitted by VARA, no Entity or VASP shall publish or otherwise publicise details [in whole or in part] of any Directives not already made public by VARA, or prior to being published on VARA’s website. |
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d. |
VARA may issue Directives that waive or otherwise modify the applicability, or application, of any Regulations or Rules. |
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e. |
VARA may at any time amend or revoke a Directive.
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| 4. |
Guidance.
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a. |
VARA may issue Guidance which is indicative and non-binding, and which may comprise any information as further elaboration or explanation on the application of these Regulations, or any Rules or Directives. |
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b. |
Guidance may be incorporated into Rulebooks and/or Directives or be separately issued in another form by VARA. |
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c. |
All Guidance, as may be amended from time to time, shall be identified by VARA as being indicative and non-binding.
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| 5. |
Modification or waiver of Regulations, Rules, Directives and/or Guidance. VARA may at any time interpret, waive, modify or otherwise adapt any Regulations, Rules, Directives or Guidance by—
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publishing revised or new versions on its website; |
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expressly announcing and/or publicising the details of such interpretation, waiver, modification or adaptation; or |
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communicating the details of such interpretation, waiver, modification or adaptation specifically to any VASPs or Entities to which it applies.
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| 6. |
General supplementary powers. Regulations, Rules, Directives and/or Guidance made by VARA may include some or similar contexts as below—
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make different provisions for different cases and may, in particular, make different provisions in respect of different descriptions of Virtual Assets, VA Activities or VASPs; |
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make provision by reference to other Regulations, Rules, Directives or Guidance issued by VARA, as in effect from time to time; |
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make provision by reference to other laws, regulations or rules made by other competent authorities, as in effect from time to time; and |
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d. |
contain such incidental, supplemental, consequential and transitional provisions as may be deemed appropriate from time to time.
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