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  • Part III – Whitepapers and Public Disclosures

    • A. Application

      1.All Entities in the Emirate issuing a Virtual Asset must comply with this Part III of the VA Issuance Rulebook, and publish both a Whitepaper and a Risk Disclosure Statement.
      2.The only exception to Rule III.A.1 of this VA Issuance Rulebook is that Issuers of Exempt VAs do not need to publish a Whitepaper or a Risk Disclosure Statement in respect of Exempt VAs only.
       

    • B. Whitepapers

      1.Initial Whitepaper. Prior to issuing a Virtual Asset, all Entities in the Emirate issuing a Virtual Asset shall provide the relevant disclosures set out in Schedule 1 of this VA Issuance Rulebook in a single easily accessible location in a machine-readable format, or in any form as may be prescribed by VARA from time to time (“Whitepaper”).
      2.In addition to the relevant disclosures set out in Schedule 1 of this VA Issuance Rulebook, Issuers of any Category 1 VA Issuance will be required to include all additional information in the Whitepaper that is stipulated in any Annex applicable to the type of Virtual Asset being issued, as may be stipulated by VARA from time to time.
      3.No Issuer may exclude, or attempt to exclude, any form of actual or potential civil liability in respect of any information in any Whitepaper, or any other disclosure or communication.
      4.Issuers must publish the Whitepaper prior to making the Virtual Asset available to the public, including any offer or Marketing. The Whitepaper shall remain subject to all Rules set out in this VA Issuance Rulebook for as long as the Virtual Asset is available to the public.
      5.Whitepaper updates. Issuers must ensure the Whitepaper is accurate and complete at all times including, but not limited to, making any necessary changes to the Whitepaper, or publishing an updated Whitepaper, in the event of changes to the Virtual Asset.
      6.Issuers must take all reasonable steps to ensure owners of Virtual Assets are notified of any changes to a Virtual Asset prior to any such changes taking effect, except in the event an Issuer needs to implement any changes in response to a security or other threat, or which is in the best interests of maintaining the integrity of the Virtual Asset.
      7.In the event of any update to the Whitepaper, Issuers must clearly state the date on which the Whitepaper has been updated and ensure all previous versions remain easily accessible in the same format and location in which they were initially published. Records of all versions of the Whitepaper must be kept for a minimum of eight (8) years, starting from the date on which the Virtual Asset ceases to be in circulation.

    • C. Risk Disclosure Statements

      1.Initial Risk Disclosure Statement. Issuers must publish a statement that includes a detailed description of all material risks related to the Virtual Assets being issued as applicable in a machine-readable format (“Risk Disclosure Statement”). The Risk Disclosure Statement shall be drawn up as a document written in a concise manner, in a language that is clear, non-technical and comprehensible for owners of the Virtual Asset. Risk Disclosure Statements shall be made available in the same easily accessible location as, but remain separate from, the Whitepaper.
      2.Risk Disclosure Statement updates. Issuers must ensure the Risk Disclosure Statement is accurate and complete at all times including, but not limited to, making any necessary updates to the Risk Disclosure Statement, or publishing an updated Risk Disclosure Statement, in the event of changes to the Virtual Asset.
      3.In the event of any update to the Risk Disclosure Statement, Issuers must clearly state the date on which the Risk Disclosure Statement has been updated, and ensure all previous versions remain easily accessible in the same format and location in which they were initially published. Records of all versions of the Whitepaper must be kept for a minimum of eight (8) years, starting from the date on which the Virtual Asset ceases to be in circulation.