| Term |
Definition |
| “Category 1” |
has the meaning ascribed to it in the VA Issuance Rulebook. |
| “CBDC” |
has the meaning ascribed to it in the Regulations. |
| “CBUAE” |
means the Central Bank of the United Arab Emirates. |
| “Client Agreement” |
has the meaning ascribed to it in the Market Conduct Rulebook. |
| “Client Money” |
has the meaning ascribed to it in the Compliance and Risk Management Rulebook. |
| “Client VAs” |
has the meaning ascribed to it in the Compliance and Risk Management Rulebook. |
| “Company Rulebook” |
means the Company Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time. |
| “Compliance and Management Rulebook” |
means the Compliance and Risk Management Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time. |
| “Custody Services” |
has the meaning ascribed to it in the Regulations. |
| “Directive” |
has the meaning ascribed to it in the Regulations. |
| “Dubai VA Law” |
means Dubai Law No. [4] of 2022 Regulating Virtual Assets in the Emirate of Dubai, as may be amended from time to time. |
| “Emirate” |
means all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. |
| “Entity” |
means any legal entity or individual. |
| “Federal AML-CFT Laws” |
has the meaning ascribed to it in the Regulations. |
| “Fiat-Referenced Virtual Asset” or “FRVA” |
has the meaning ascribed to it in Rule I.A.1 of these FRVA Rules. |
| “FRVA Rules” |
means these Fiat-Referenced Virtual Assets Issuance Rules issued by VARA pursuant to the Regulations, as may be amended from time to time. |
| “Group” |
has the meaning ascribed to it in the Company Rulebook. |
| “Insolvency Proceedings” |
has the meaning ascribed to it in the Regulations. |
| “Insolvent” |
has the meaning ascribed to it in the Regulations. |
| “Insurance” |
has the meaning ascribed to it in the Company Rulebook. |
| “Market Conduct Rulebook” |
means the Market Conduct Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time. |
| “Marketing” |
has the meaning ascribed to it in the Marketing Regulations. |
| “Marketing Regulations” |
has the meaning ascribed to it in the VA Issuance Rulebook. |
| “Net Liquid Assets” |
has the meaning ascribed to it in the Company Rulebook. |
| “Paid-Up Capital” |
has the meaning ascribed to it in the Company Rulebook. |
| “Reference Currency” |
has the meaning ascribed to it in Rule I.A.4 of these FRVA Rules. |
| “Regulations” |
means the Virtual Assets and Related Activities Regulations 2023, as may be amended or supplemented by VARA from time to time. |
| “Reserve Assets” |
has the meaning ascribed to it in Rule I.A.5 of these FRVA Rules. |
| “Senior Management” |
has the meaning ascribed to it in the Company Rulebook. |
| “Significant FRVA Issuer” |
means a VASP designated by VARA in accordance with Rule I.C.1 of these FRVA Rules. |
| “Technology and Information Rulebook” |
means the Technology and Information Rulebook issued by VARA pursuant to the Regulations, as may be amended VARA from time to time. |
| “VA Issuance Rulebook” |
means the Virtual Asset Issuance Rulebook issued by VARA pursuant to the Regulations, as may be amended or supplemented by VARA from time to time. |
| “VARA” |
means the Dubai Virtual Assets Regulatory Authority. |
| “Virtual Asset” or “VA” |
has the meaning ascribed to it in the Dubai VA Law. |
| “Whitepaper” |
has the meaning ascribed to it in the VA Issuance Rulebook. |
| “Working Day” |
means any day which is not a weekend or public holiday in the Emirate. |