| Term | Definition |
| “Anonymity-Enhanced Cryptocurrencies” | has the meaning ascribed to it in the Regulations. |
| “Asset Referenced Virtual Asset" or “ARVA” | means any Virtual Asset, that is not an FRVA, and which— | | (a) | represents, or purports to represent, direct, indirect, current, future or contingent ownership of any RWA; | | (b) | represents, or purports to represent, direct, indirect, current, future or contingent entitlement to receive or share any Income; | | (c) | purports to maintain a stable value or reference to any type or combination of RWA(s) or Income; | | (d) | represents, or purports to represent, entitlement to receive or share any value that is, or purports to be, or in any manner originate from, derived from or backed by (including but not limited to under any securitisation, collateralisation, or guarantee arrangement) any type or combination of RWA or Income; or | | (e) | is a directly or indirectly wrapped, duplicated, fractionalised, securitised or derivative version of any other ARVA. |
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| “ARVA Rules” | means the Asset-Referenced Virtual Assets Issuance Rules in Annex 2 of this VA Issuance Rulebook. |
| “Broker-Dealer Services” | has the meaning ascribed to it in Schedule 1 of the Regulations. |
| “Broker-Dealer Services Rulebook” | means the Broker-Dealer Services Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time. |
| “Category 1” | has the meaning ascribed to it in Rule I.C.1 of this VA Issuance Rulebook. |
| “Category 1 VA Issuance” | means the VA Activity of issuing any Virtual Asset that falls within Category 1. |
| “Category 2” | has the meaning ascribed to it in Rule I.C.1 of this VA Issuance Rulebook. |
| “Company Rulebook” | means the Company Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time. |
| “Compliance and Risk Management Rulebook” | means the Compliance and Risk Management Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time. |
| “Directive” | has the meaning ascribed to it in the Regulations. |
| “Distributed Ledger Technology” or “DLT” | has the meaning ascribed to the term ‘Distributed Ledger Technology’ in the Dubai VA Law. |
| “Dubai VA Law” | means 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. |
| “Exempt VAs” | has the meaning ascribed to it in Rule I.C.1 of this VA Issuance Rulebook. |
| “Fiat-Referenced Virtual Asset” or “FRVA” | means a Virtual Asset that purports to maintain a stable value in relation to the value of one or more fiat currencies, or one or more other FRVA(s), but does not have legal tender status in the UAE, and is not issued for use as a means of payment for goods or services in the UAE. An FRVA is neither issued nor guaranteed by any jurisdiction and fulfils its functions only by use and acceptance within the community of users of the FRVA. For the avoidance of doubt, and as stated in Rule I.B.4 of the FRVA Rules, the issuance of any FRVA that purports to maintain a stable value in relation to the value of AED shall not be approved under this VA Issuance Rulebook or the FRVA Rules, and shall remain under the sole and exclusive regulatory purview of the CBUAE. |
| “FRVA Rules” | means the Fiat-Referenced Virtual Assets Issuance Rules in Annex 1 of this VA Issuance Rulebook. |
| “Good Cause” | has the meaning ascribed to it in the Regulations. |
| “Income” | means sales proceeds, interests, dividends, profits, repayments or any other form of direct, indirect, current, future or contingent value originating or deriving from an RWA. |
| “Insolvency Proceedings” | has the meaning ascribed to it in the Regulations. |
| “Insolvent” | has the meaning ascribed to it in the Regulations. |
| “Issuer” | means the Entity responsible for the issuance of a Virtual Asset. |
| “Licence” | has the meaning ascribed to it in the Regulations. |
| “Licensed” | means having a valid Licence. |
| “Licensed Distribution Services” | has the meaning ascribed to it in the Broker-Dealer Services Rulebook. |
| “Licensed Distributor” | means a VASP Licensed by VARA to carry out Broker-Dealer Services. |
| “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” | means the Regulations on the Marketing of Virtual Assets and Related Activities 2024 issued by VARA, as may be amended from time to time. |
| “Non-Transferable Virtual Asset” | means a Virtual Asset that— | | (a) | is not sold by the Issuer for, and cannot be converted into, exchanged or redeemed for, fiat currency, Virtual Assets or any value in kind; | | (b) | is not redeemable or exchangeable for goods, services, discounts, purchases or otherwise has no market, use, or application; and | | (c) | cannot be transferred between VA Wallets. |
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| “PDPL” | means the Federal Decree-Law No. (45) of 2021 on the Protection of Personal Data. |
| “Personal Data” | has the meaning ascribed to it in the PDPL. |
| “Redeemable Closed-Loop Virtual Asset” | means a Virtual Asset that can be redeemed or exchanged for goods, services, discounts, or purchases with the Issuer and/or other merchants designated by the Issuer, provided that— | | (a) | the Issuer is the legal owner and/or has validly enforceable legal right to grant all rights of redemption; | | (b) | the Virtual Asset is not sold or exchanged for, and cannot be converted into, exchanged or redeemed for, fiat currency or Virtual Assets; | | (c) | cannot be used or accepted as a means of payment outside of the closed-loop of the Issuer and/or other merchants designated by the Issuer; and | | (d) | cannot be transferred between VA Wallets other than for the purposes of redemption from the Issuer or designated merchants. |
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| “Regulations” | means the Virtual Assets and Related Activities Regulations 2023, as may be amended from time to time. |
| “Risk Disclosure Statement” | has the meaning ascribed to it in Rule III.C.1 of this VA Issuance Rulebook. |
| “Rule” | has the meaning ascribed to it in the Regulations. |
| “RWA” | means, in respect of any Virtual Asset, any type or combination of— | | (a) | interest in any financial instrument, scheme or arrangement; | | (b) | physical and/or tangible asset; or | | (c) | intangible asset, rights or interest, other than— | | | i. | the Virtual Asset itself; or | | | ii. | items that exist in digital form only. |
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| “Technology and Information Rulebook” | means the Technology and Information Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time. |
| “UAE” | means the United Arab Emirates. |
| “VA Activity” | means the activities listed in Schedule 1 of the Regulations, as may be amended from time to time. |
| “VA Issuance Rulebook” | means this Virtual Asset Issuance Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time. |
| “VARA” | means the Dubai Virtual Assets Regulatory Authority. |
| “VA Wallet” | has the meaning ascribed to the term ‘Virtual Asset Wallet’ in the Dubai VA Law. |
| “Virtual Asset” or “VA” | has the meaning ascribed to it in the Dubai VA Law. |
| “Whitepaper” | has the meaning ascribed to it in Rule III.B.1 of this VA Issuance Rulebook. |
| “Working Day” | has the meaning ascribed to it in the Regulations. |