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C. Significant FRVA Issuers

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.
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;
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
the business, structural and operational complexity of the VASP in relation to the FRVA issued by it.
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
any other matter as VARA deems appropriate.