| 1. | All Entities in the Emirate carrying out the issuance of any Virtual Asset shall comply with the following general Rules, at all times, when conducting all their business from or in the Emirate, including issuing any Virtual Asset—
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| | a. | Integrity, honesty and fairness: All Issuers should act fairly, clearly and in good faith, so as to not mislead and to serve the best interests of owners of the Virtual Assets they issue and preserve market integrity. Issuer shall use clear and transparent wording in all communications and public disclosures, treat all owners of the Virtual Asset fairly, and engage in ethical market practices; |
| | b. | Diligence: All Issuers must act with the due skill, care and diligence reasonably expected of an Issuer taking into the account the nature of the Virtual Asset; |
| | c. | Capabilities and resource: All Issuers must have and effectively employ the necessary resources (including technical, financial and otherwise), for the sound, effective and efficient operation of the issuance taking into the account the nature of the Virtual Asset, as well as all applicable legal and regulatory requirements; |
| | d. | Effective communication and disclosures: All Issuers must ensure that all communications and disclosures, including but not limited to those applicable in Part III of this VA Issuance Rulebook, are clear, concise, effective and contain all information necessary for owners and/or prospective owners of the Virtual Asset to make an informed decision and be kept up-to-date. All Issuers should dispatch information in a timely manner if ongoing disclosure is required by any relevant authorities including, but not limited to, VARA; |
| | e. | Legal and regulatory compliance: All Issuers must comply with all applicable laws and regulatory requirements in the UAE and as may apply to their business or operations in any jurisdiction at all times including, but not limited to, consumer protection laws; and |
| | f. | Environmental responsibility: All Issuers must act in an environmentally responsible manner including, but not limited to, mitigating negative environmental impacts of the Virtual Asset and disclosing how they identify, assess and manage other climate-related risks relevant to the issuance and/or project lifecycle of the Virtual Asset.
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