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A. General Prohibition

1. VASPs are prohibited from actively investing their own, or their Group’s, portfolio of Virtual Assets or any other assets.
2. The general prohibition in Rule VII.A.1 of this Market Conduct Rulebook above does not prevent VASPs from entering into transactions in Virtual Assets or any other assets for the purpose of prudent management of Net Liquid Assets required to be held by the VASP, provided that VASPs must maintain full records of all transactions and such records must be held for a period of eight [8] years.
3. VARA shall have sole and absolute discretion in determining whether any transactions in Virtual Assets, or any other assets, made by a VASP constitute actively investing with their own portfolio of Virtual Assets or any other assets. In making such determination VARA will take into account the following—
  a. frequency of transactions;
  b. the Virtual Assets or other assets involved in the transactions;
  c. volume of transactions;
  d. nature of transactions including duration; and
  e. nature of any profits generated by such transactions and significance in relation to the financial condition of the VASP.