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Schedule 1 – Definitions

Effective from Sep 19 2023 - Sep 18 2023
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Term Definition
“AML/CFT” has the meaning ascribed to it in the Regulations.
“Anonymity-Enhanced Cryptocurrencies” has the meaning ascribed to it in the Regulations.
“Anonymity-Enhanced Transactions” means Virtual Asset transactions denominated in Virtual Assets which are not Anonymity-Enhanced Cryptocurrencies, but which prevent the tracing of transactions.
“Broker-Dealer Services” has the meaning ascribed to it in Schedule 1 of the Regulations.
“Category 1” has the meaning ascribed to it in Rule I.C.1 of this VA Issuance Rulebook.
“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.
“Designated Non-Financial Businesses and Professions” or “DNFBPs” has the meaning ascribed to it in Federal AML-CFT Laws.
“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 Entities” has the meaning ascribed to it in the Regulations.
  has the meaning ascribed to it in Schedule 1 of the Regulations.
“FATCA” means the United States Foreign Account Tax Compliance Act.
“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 the FRVA Rules.
“FRVA Rules” means the Fiat-Referenced Virtual Assets Issuance Rules in ANNEX 1: FIAT-REFERENCED VIRTUAL ASSETS ISSUANCE RULES of this VA Issuance Rulebook.
“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 Distributor” means a VASP Licensed by VARA to carry out either Broker-Dealer Services or Exchange 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” has the meaning ascribed to it in Rule IV.D.1 of this VA Issuance Rulebook.
“Non-Redeemable & Non-Transferable Virtual Asset”
means a Virtual Asset that—
[a] may only be used solely within platforms operated by the Issuer;
[b] is not redeemable or exchangeable for real-world goods, services, discounts, purchases or otherwise have no market, use, or application outside of the platforms;
[c] cannot be converted into, exchanged or redeemed for, fiat currency, value in kind or other Virtual Assets; and
[d] cannot be transferred between VA Wallets.
“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.
“Permitted VAs”
means the following types of Virtual Assets—
[a] Non-Redeemable & Non-Transferable Virtual Assets;
[b] Redeemable Closed-Loop & Non-Transferable Virtual     Assets; and
[c] other Virtual Assets as may be determined by VARA from     time to time.
“Redeemable Closed-Loop & Non-Transferable 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, but—
[a] cannot be converted into, or exchanged or redeemed for, fiat currency;
[b] is not otherwise intended by the Issuer to be used or accepted as payment means outside platforms operated by the Issuer or designated merchants; and
[c] cannot be transferred between VA Wallets other than for the purposes of redemption from the Issuer or designated merchants.
“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.B.1 of this VA Issuance Rulebook.
“Rule” has the meaning ascribed to it in the Regulations.
“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.A.1 of this VA Issuance Rulebook.
“Working Day” has the meaning ascribed to it in the Regulations.