1.
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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.
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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—
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a. |
the number of holders of the FRVA; |
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b. |
the value of circulating and/or outstanding supply of the FRVA; |
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c. |
the value of the Reserve Assets maintained by the VASP; |
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d. |
the number and value of transactions in the FRVA; |
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e.
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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; |
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f. |
interconnectedness with licensed financial institutions and/or VASPs; and/or |
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g.
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the business, structural and operational complexity of the VASP in relation to the FRVA issued by it.
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3.
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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—
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a. |
company structure and corporate governance; |
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b. |
Paid-Up Capital, Net Liquid Assets, Insurance and/or Reserve Assets; |
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c. |
audits, regulatory reporting and regulatory notifications; and/or |
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d.
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any other matter as VARA deems appropriate.
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