| 1. | All Entities in the Emirate that issue a Virtual Asset in the course of a business, must comply with this VA Issuance Rulebook, as may be amended by VARA from time to time. |
| 2. | “In the course of a business” requirement. For the purposes of Rule I.A.1 of this VA Issuance Rulebook, in determining whether an Entity has issued a Virtual Asset in the course of a business, VARA shall retain sole and absolute discretion, with the following factors forming part of the consideration criteria—
|
| | a. | whether the Entity holds itself out as issuing the Virtual Asset in the course of a business; |
| | b. | the regularity and scale with which the Entity issues Virtual Assets; |
| | c. | whether there is any direct or indirect commercial element to the Virtual Asset or in how the Virtual Asset is issued, |
| | d. | whether the Entity receives remuneration, incentive or other value in kind benefit, |
| | e. | whether the Entity is related to any commercial or business activity in any way; |
| | f. | includes not-for-profit, non-profit and charitable organisations, foundations, associations and associated activity(ies); |
| | g. | Category 1 VA Issuances are, in all events without exception, deemed to be carried out in the course of a business; and |
| | h. | VA issuances that do not fall under Category 1, and that are carried out solely for personal and/or non-commercial use, may not be deemed to be issued in the course of a business.
|
| 3. | VARA will, from time to time, assign categorisations to the issuance of certain types of Virtual Assets depending on the nature of the issuance and/or underlying business model associated with the Virtual Asset. VARA may impose additional specific or nuanced requirements on such issuances which, unless otherwise stated, will apply in addition to the requirement for the Issuer to obtain a Licence and/or thereafter obtain prior approval from VARA of the Whitepaper. |